During the 1970s, arbitration has become the normal way of settling disputes arising in international trade. The statistics provided by the International Chamber of Commerce (ICC) Court of Arbitration (the Court, or the Court of Arbitration) are evidence of the incidence of the increasing recourse to arbitration by businesses involved in international transactions; of an increase in the amounts in dispute; of an increasing diversity in the nationalities of clients3 as well as in the types of the disputes submitted to arbitration.4 The development of international arbitration in the last decade may be explained by the fact that no other system for the settlement of disputes could meet so effectively the needs of parties to international Secretary-General, International Chamber of Commerce Court of Arbitration.
New Trends in the Practical Application of ICC Rules of Arbitration,
Nw. J. Int'l L. & Bus.