Philip Rubens | December 2022
The field of international arbitration has undergone significant changes in recent years. The use of technology, the rapid growth of alternative dispute resolution (ADR) methods, and the expansion of the scope of international arbitration have all led to an increased demand for skilled practitioners and greater efficiency in the process.
Technology has been a key factor in the modernisation of international arbitration. The use of secure online portals has enabled parties to communicate, exchange documents, and track progress in real-time. This has reduced the need for costly travel and improved the speed and accuracy of the arbitration process. It has also allowed parties to function more independently, as they can access documents and information without having to wait for a physical exchange.
The availability of online tools and platforms has also allowed the expansion of ADR methods, such as online dispute resolution (ODR). ODR is an increasingly popular choice for resolving disputes, as it eliminates the need for physical meetings and allows parties to resolve their disputes without the involvement of a third-party. ODR is typically less costly than arbitration and can be used to resolve a variety of disputes, including those in the commercial, consumer, and employment sectors.
The scope of international arbitration has also widened in recent years. The expansion of arbitration to cover a greater range of disputes has allowed parties to resolve their disputes more quickly and affordably. This has been particularly beneficial in the context of cross-border disputes, as the parties can now choose a forum that is more suited to their needs and the nature of the dispute.
The changes in international arbitration have had a significant impact on the industry. The increased use of technology and the expansion of the scope of arbitration has led to greater efficiency in the process and a greater demand for skilled practitioners. This has resulted in the emergence of new roles in the field, such as arbitral administrators and dispute resolution professionals, who are responsible for managing the entire arbitration process and ensuring that it is conducted in a fair and timely manner.
The changes in international arbitration have also led to an increase in the number of international treaties and conventions. These agreements provide a framework for the recognition and enforcement of arbitral awards, as well as setting out the rules and procedures for the conduct of the arbitration itself. They are essential for ensuring the efficacy of the arbitration process and the protection of the parties’ rights.
In conclusion, the latest developments in international arbitration have had a significant impact on the industry. The use of technology and the expansion of the scope of arbitration have allowed the process to become more efficient, cost-effective, and accessible. This has led to an increased demand for skilled practitioners and the emergence of new roles in the field. The expansion of the scope of arbitration has also led to an increase in the number of international treaties and conventions, which are essential for ensuring the efficacy of the process and the protection of the parties’ rights.
