RE: APPRAISAL OF INTERNATIONAL ARBITRATION FOR IMPROVE INTERNATIONAL TRADE OPPORTUNITIES
Authors:
Sunday Ewah, Ph.d, Sylvanus Ushie Oko, Ph.d & Monica P. Lebo
Abstract:
The paper focused on international arbitration as a means of reconciling differences and disagreement that often occur amongst participants in cross border trade. To achieve targeted objectives the researchers developed ten research questions and administered to 1455 respondents using online questionnaire. The justification for the use of this research instrument was based on the analysis of Cronbach’s Alpha scale-retest observation and the consistency of the first and second responses from respondents. The major findings of the research indicated that most cross border trade participants preferred international arbitration as a veritable means of settling trade disputes. This is because it’s more flexible, economical, and saves time. The study made it clear that the propensity of trade dispute has increased over time, causing disaffections amongst involved parties, especially when the cases are not properly handled by arbitrators. Also the influence of domestic country where international trade disputes arbitration matters are often discussed affects the work of arbitrators, hence the urge for neutrality of arbitral table or seating. Furthermore the different interpretations of terms based on each countries laws impact negatively on the activities of arbitrators and affect the free flow of businesses. The more reason arbitration clause is necessary in every agreement in order to enforce award. And finally international arbitrators are working hard to achieve the goal of cushioning the effects of cross border trade disputes, despite the enormous challenges as defined by the study. Therefore it was recommended that participants in cross border businesses must keep to the terms and conditions of the contracts and agreement to reduce the frequency of trade disputes and enhance the growth of global trade.