International Commercial Mediation
International Commercial Contracts: Law and Practice, Oxford, OUP 2021 forthcoming
Posted: 8 Mar 2021
Date Written: July 1, 2021
Every transaction has the potential to go wrong and international commercial contracts are not spared this plight. It is when an international commercial contract fails – irrespective of the reasons, that the impact of different legal and cultural backgrounds of the parties come to light. The obvious venue for commercial disputes to be decided is generally understood to be in court (litigation) or before an arbitral tribunal (arbitration). However, there are numerous other alternative dispute mechanisms available to parties that are less well known and also deserve consideration; not least because they offer parties methods of resolving the dispute between them in a more time and cost-efficient manner, and with a stronger focus on the commercial interest of the parties. Mediation is one of these mechanisms.
This chapter explores the expanding terrain of international commercial mediation. It examines how mediation distinguishes itself from but can also be employed together with other dispute resolution mechanisms such as, in particular, arbitration; the legal framework; and practical, legally-informed guidelines when drafting a mediation agreement in the context of international commercial contracts.
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