# arbitration

*Last updated: 2026-06-26*

> When a contractual dispute arises in international trade, parties frequently turn to arbitration rather than litigating before national courts – typically because their contract already contains an arbitration clause.

When a contractual dispute arises in international trade, parties frequently turn to arbitration rather than litigating before national courts – typically because their contract already contains an arbitration clause. Proceedings are governed by established institutional rules, such as those of the ICC, UNCITRAL, or the LCIA: the parties appoint arbitrators, exchange written submissions, and ultimately receive a binding award. That award is enforceable across most jurisdictions under the 1958 New York Convention, giving arbitration a decisive edge over domestic court judgments in cross-border enforcement. Shippers, freight forwarders, and carriers value the process for its confidentiality and the freedom to select arbitrators with specialist industry expertise. Arbitration as a process should be distinguished from the arbitral tribunal, which is the body conducting it.

**Source:** [https://www.iccwbo.org/dispute-resolution/arbitration/](https://www.iccwbo.org/dispute-resolution/arbitration/)

## Quick Facts

| Property | Value |
|---|---|
| Term | arbitration |
| Language | EN |
| Word count | 122 |
| Last updated | 2026-06-26 |
| Source | https://www.iccwbo.org/dispute-resolution/arbitration/ |

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