Arbitration: Is Its Prominence Fading Away

Procrastination, expensiveness and inflexible formalism are prevalent protagonists of conventional litigation, particularly in business dispute where they may go for decades. The motive behind the emergence of arbitration is to circumvent the above-mentioned difficulties. Nevertheless, international as well as domestic arbitration is not copiously free from these culpability. A recent survey published by Kluwer Arbitration Blog uncovered a truth that 65% of respondent alleged that arbitration ‘take too long and cost too much’. In addition to these difficulties are wide-ranging discoveries, motion practices and over lawyering causing international arbitration’s prominence to diminish. The author objectively examines the legal framework of arbitration both international and domestic level for finding out the existing stumbling blocks. Moreover, recommendations are made regarding how arbitration trumps over contemporary crises. The methodology used in this article is doctrinal in nature. For the doctrinal method, this article relies on primary and secondary sources. The primary sources are statues, international conventions and the secondary sources consists of library materials (textbooks, journal articles and newspapers), internet resources, annual and survey reports.