Do you agree that arbitration is an important tool to end commercial dispute ?

Arbitration is a mechanism for the settlement of disputes and has several merits over other forms of business settlement, i.e. litigation and mediation. It is not only consensual but also a private procedure. It leads final and binding determination of rights and obligations of the parties. United Nations Commission on International Trade Law UNCITRAL Models law rules on International Commercial Arbitration 'ICA' and it facilitates international arbitration. ICA is definitely an important tool to settle the disputes in foreign Collaboration as:- It avoids litigation in foreign Court. It reduces inequalities through institutions like International Centre for Dispute Resolution. It reduces chances of partiality in local courts especially when state is a party. There is an ease of enforcement.