In the topic Challenges facing International Arbitration and their possible solution here, I will discuss on the sub-theme Increasing Diversity in International Arbitration.
Few points which are going to discuss will be what layman understand about International Arbitration, what is diversity? Issues which are causing diversity, Problem-related to it and solutions.
International arbitration is arbitration between companies or individuals in different states, usually by including a provision for future disputes in a contract.
Diversity is the degree of differences in identifying features among the members of a purposefully defined group, such as any group differences in contract, agreement, legal agreement, covenant, compact, stipulation, contractual statement, contractual obligation, convention, understanding, promise, pledge, engagement, obligation, guarantee, liability, concordat, entente cordiale (French), settlement, arrangement, deal, gentleman's agreement, commitment, cartel, etc. (Diversity in terms of International Arbitration).
The difference in the agreement, issues related to transparency, across borders, etc lead to an increase in diversity in International Arbitration. These following raise problems and lead to disapproval of contract.
In order to stop the increasing diversity in International Arbitration.
we need to talk in peace.
come together and resolve the dispute.
Improve law related to it.
In this way, we can reduce the diversity in International Arbitration by creating peace and security, transparency in contract, etc.