International commercial arbitration is a private transnational system of dispute resolution composed of multilateral conventions, national arbitration laws, bilateral treaties, and principles and norms of private informal dispute resolution. Conditions connected with globalization have transformed international commercial arbitration from a private informal regime of dispute resolution controlled by a small epistemic community into a more formal, legalistic and increasingly institutionalized regime, which is dominated by the International Chamber of Commerce and large multinational Anglo-American law firms. International commercial arbitration is also the process of resolving business disputes among transnational parties through the use of one or more arbitrators rather than through the courts. It requires the agreement of the parties, which is normally given via an arbitration clause inserted into the contract or business agreement. The arbitration laws of individual states and nations play an important role in the application and execution of arbitral agreements between international commercial parties. This is one of the many forms of dispute resolution for international commercial agreements. The use of international arbitration has increased along with the growth of international trade and commerce and the accopmpanying disputes springing from these pursuits.
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