Arbitration as an Alternate Dispute Settlement Mechanism

Conflicts are common between nations because of divergent views on interest and geo-political complexity of countries. Since World War II international community was struggling to combat the conflicts, though peace treaty were being signed between nations they face a stagnation in implementation part. Effective mechanism for settlement of disputes was in question then. Global peace and stability will become a greatest issue in this prospective. In order to effectively implement the dispute settlement process United Nations has taken a step by implicating the mechanisms in peaceful ways such as Negotiation, Mediation, Conciliation Good offices, Arbitration to settle the disputes arose between nations peacefully. International arbitration plays a vital role in settling politics related disputes. It acts as an excellent tool for promoting diplomatic relations between states and to reduce disagreements. This paper attempts to explain about the process of arbitration, its characteristics, types, international instruments and also gives an insight with the implementation of arbitration in municipal level.