The system of Arbitration Courts: Comparative Analysis

Arbitration courts constitute an important tool in ensuring the legal regime for transactions and disputes in the global economy. They are independent and neutral bodies that consider disputes between the parties and make final decisions. At the same time, arbitration courts try to settle disputes quickly and efficiently, which facilitates business development and investment policy. The foreign experience of arbitration courts can be useful for improving the work of arbitration in Russia. The myth of the high costs and complexity of the arbitration procedure in the West has long beendispelled. In fact, arbitration in many countries is a more efficient, cost-effective and fast way to resolve disputes as compared to courts of general jurisdiction. One of the key features of Western arbitration courts is application of law intended to resolve certain types of disputes. This allows judges to have a deep understanding of processes, business and legal practice, which significantly speeds up the procedure. The paper examines the foreign experience of arbitration tribunals in various countries. The author explains basic principles on which the work of arbitration courts is based and highlights the best practices that can be used to improve the work of arbitration in Russia.

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