Although it traces its history over centuries, the 20th century witnessed arbitration becoming a standard method for resolving disputes in many specialised industries - such as maritime, construction, commodities, and insurance - where the arbitrators’ technical expertise was particularly valued. Since the start of the 21st century, arbitration has been ever increasingly embraced by the international community, with many recognizing its importance as the primary means of resolving complex, transnational commercial disputes. Indeed, the most recent surveys of the major arbitral institutions show that arbitration cases are on the rise, with an estimated new case load in 2020 representing more than $100 billion in dispute before arbitral tribunals worldwide. In July 2022, The Hague Court of Arbitration for Aviation launched at the Farnborough International Airshow in service of global aviation industry.
The Hague Court of Arbitration for Aviation offers the global aviation industry deeply specialized arbitration as a fast, fair, flexible and final form of binding dispute resolution conducted before an expert neutral tribunal, in private, pursuant to arbitration rules and procedures specifically tailored to the unique needs of a unique industry. Such arbitration is, of course, voluntary and emanates from the contractual agreement of the parties, though it is regulated and enforced by national laws - in effect, the administration of justice by arbitrators, replacing proceedings before courts. The potential ease of enforceability of an arbitral award across jurisdictions compared to, for example, an English or New York court judgement, is a key practical advantage offered by arbitration. To this end, the most important enforcement convention is the 1958 United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (known as the New York Convention). Almost 170 countries are party to the New York Convention, each of which broadly agrees to recognise and enforce arbitral awards made in other contracting states subject only to limited grounds for objection. There is no such wide-ranging convention providing for the enforcement of court judgments.
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