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The settlement of a dispute through reference to an arbitral tribunal established ad hoc, the members of which may possibly be selected from the (misleadingly called) Permanent Court of Arbitration. An arbitral tribunal may also be established to deal with a class of disputes that have arisen or may be expected to arise out of a particular situation. Except to the extent to which two or more states have agreed in advance that a specified class of disputes shall be taken to compulsory arbitration, this device for pacific settlement can only be used when the parties agree to it. The agreement by which this is done is called a compromis.
International arbitration is generally conducted on the basis of international law, in which case it is in substance akin to adjudication or judicial settlement. But if they wish, states resorting to arbitration may provide that it proceed somewhat in the manner of mediation or ex aequo et bono.
Arbitration is an arrangement of great antiquity. Internationally, it was most notably used between the late eighteenth century and about 1930. Since then, established arrangements for judicial settlement have been widely regarded as the most appropriate means for the settlement of international disputes on the basis of law. But for reasons of expedition, cost, and the technicality of some disputes, arbitration continues to be used by states.
See also conciliation. |
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