Within the domestic jurisdiction in any country, business disputes are arbitrated under the regulations and instructions described in its arbitration act or law. Such domestic arbitration rules may also be referred to for resolving mercantile disputes with foreign companies or parties, especially within the native locations. In India, such domestic arbitration act for solving business disputes involving domestic and foreign companies in India, is the Arbitration and Conciliation Act, 1996. But, when there arises a business dispute between two companies belonging to two different countries, generally some unbiased and accredited International arbitration rules or acts are resorted to with mutual agreement, for obvious impartiality and equitability. For such purposes, the most reputed and preferred international arbitration rules or acts in the world over at present are - The New York Convention, 1958; The Geneva Convention, 1927; The European Convention, 1961; The Washington Convention, 1965; The Geneva Protocol, 1923; and many other international arbitration laws. Ours arbitration lawyers and attorneys have been adjudicating business disputes judiciously and equitably under these all arbitration rules in jurisdictions domestic and international in all across the world, for over a decade, with and also without the supervision of the International Court of Arbitration, which is informed about in the section below separately.
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International Court of Arbitration
The International Court of Arbitration is one of the most globally prominent and popular institutions in the world, for providing all-round support and supervision for resolving business disputes elegantly, perfectly, and disinterestedly, at international level, to people and entities in all economic sectors established in all over the world. Established in 1923, this international court of arbitration is a significant part of the International Chamber of Commerce (ICC), and solves more than half of the total international arbitration disputes involving companies of countries worldwide. Since 1999, this international court of arbitration tackles over 500 arbitration cases every year. This international court of arbitration offers well-rounded support and guidance for resolving commercial disputes by mutually selected (by the disputing parties) unbiased arbitrators and the arbitration law, at the location acceptable to both. In absence of such things in the arbitration agreement, this international institution is well-equipped to select the most competent arbitrators and the most suitable arbitration law, together with the right venue, for the perfect resolution.