Preface

• Pages: 21-24

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Preface

“When will mankind be convinced and agree to settle their diculties by

arbitration?”

— BenjAmin FrAnklin

Arbitration can be a highly eective alternative commercial dispute

resolution process outside of court. Indeed, arbitration is and has

historically been a widely used method for resolving commercial

conicts arising out of domestic and international corporate and

commercial transactions. It has tremendous potential to resolve

disputes with condentiality, economy, eciency, nality, durabil-

ity, neutral expertise, impartiality, fairness, and more party-sensi-

tive and satisfactory outcomes than traditional litigation.

But for arbitration to fully realize its perceived benets, ex-

pectations, and promise as a means of eectively resolving com-

mercial disputes, many circumstances must combine:

• informed and consenting parties that understand the ad-

vantages and disadvantages and the techniques and con-

cepts of arbitration

• respect for and a healthy attitude toward ADR (the initial-

ism for alternative or appropriate dispute resolution) and

its goals, values, principles, and challenges

• well drafted — that is, clear and robust — arbitration clauses

and agreements that (1) address what is and what is not

arbitrable and (2) contain fair and reasonable provisions,