AN ANALYSIS OF THE EFFICACY AND CHALLENGES OFTHE INTERNATIONAL CHAMBER OF COMMERCE IN COMMERCIAL DISPUTE RESOLUTION

Abstract

International commercial disputes have rapidly increased as a result of the massive rise in global commerce. Effective trade dispute resolution systems are required because, if ignored, transnational trade deadlocks can lead to serious global economic and political issues. As a result, there is growing need for quick and effective dispute settlement. As opposed to litigation in national courts, extrajudicial measures are the most effective way to meet this need. This paper makes two arguments: (1) that alternative dispute resolution (ADR) procedures that are compatible with the cultural backgrounds of the disputants are the best ways to settle international commercial disputes; and (2) that regardless of the ADR procedure ultimately chosen—negotiation, conciliation, arbitration, or a hybrid process—a third-party mediator who is well-versed in the cultures of the disputants can best assist the disputants in reaching an amicable agreement quickly. The International Chambers of Commerce's enforceable dispute resolution processes have long been seen as making it an effective organization. In this Paper the International Chamber of Commerce (ICC), the efficiency and otherwise of its rules are analyzed; as well as how the institution reaches its goals, and provide a theoretical perspective regarding non-governmental organizations that deal with international arbitration.