THEORETICAL APPROACHES TO DEFINING THE CONCEPT AND FEATURES OF INTERNATIONAL COMMERCIAL ARBITRATION

Abstract

The article is devoted to the study of the concept and characteristic features of international commercial arbitration. It is established that arbitration is used to resolve disputes arising from legal relations with an existing foreign element or in which a participant is an enterprise with foreign investments or an international association/organization created on the territory of Ukraine. It has been studied that the commercial nature of disputes means that they arise from contractual and other civil-law trade relations. In turn, the concept of arbitration can be defined in several ways: as a method of alternative dispute resolution and as a non-state institution that considers a dispute transferred to it on the basis of an agreement between the parties. Taking into account the above, the author provided a definition of the concept of international commercial arbitration. The article also reveals the main features of international commercial arbitration, which include: flexibility and low formalization of the arbitration procedure, decision-making by arbitrators who, unlike judges, are not connected to the state and do not perform state functions; confidentiality of the arbitration procedure; finality and bindingness of arbitration decisions; variety of types of arbitration. It has been established that due to the specified advantages in the conditions of globalization and the spread of international commercial relations, the role and importance of international commercial arbitration will continue to grow, which in turn actualizes further scientific research into this method of dispute resolution.