Arbitration Co-Equal to Courts as a Dispute Mechanism

Arbitration began as an extrajudicial mechanism for resolving disputes. The functions of arbitration as a private, flexible, effective, and independent process fuelled its recognition.. Arbitrators represented unwanted competition for common-law judges, whose compensation was tied in part to court fees. Judges as a result had strong incentives to increase their jurisdiction. Arbitration has been emerged as an independent dispute mechanism but judges have managed to gain the first role in dispute settlement to the detriment of arbitration as a self-contained mechanism. The establishment of a National Authority Management Arbitration (NAMA) and an appellate arbitral tribunal for review of awards without any intervention from courts in ad hoc commercial/maritime and institutional arbitrations will create a fully independent, alternative and co-equal to courts dispute mechanism and consequently two parallel civil law dispute systems will exist keeping their own advantages. The present work is useful to Lawyers, Economists, Researchers and Graduate and Post-graduate Students.