Development and Changes of the Value Orientation of the Finality of Awards System of International Commercial Arbitration.docVIP

Development and Changes of the Value Orientation of the Finality of Awards System of International Commercial Arbitration Abstract With the influence of the concepts such as “business field is battleground” and “time is money”， as one of the most important methods for resolving international economic disputes， international commercial arbitration’s effectiveness has always been recognized as the significant advantage of arbitration in resolving disputes compared with litigations. This paper points out the value deficiency of finality of awards system in arbitration under modern social background after analyzing the value orientation of finality of awards system. After analyzing why international arbitration has become the primary choice for resolving international economic disputes in a deeper scale， this paper explains that finality of awards system is not absolute correct and should compromise with the development of time. Key words： Finality of awards system； Efficiency； Impartiality； Neutrality； Convenience INTRODUCTION Arbitration is a dispute settlement system. It happens according to the arbitration agreement between the parties who are willing to hand over their disputes voluntarily to arbitral tribunal which is made up by unofficial arbitrators. It is one of the most important alternative dispute resolutions. The finality of awards of arbitration equals to the court’s final ruling between the arbitrary parties and has restricted constraint upon them. In consideration of the effectiveness of dispute settlement， the value orientation of finality of awards in arbitration has changed with time. 1. TRADITIONAL VIEW： EFFECTIVENESS I S T H E R E F L E C T I O N O F T H E ADVANTAGE OF INTERNATIONAL COMMERCIAL ARBITRATION Humankind’s desire is unlimited while the resources we have are always scarce. When endless desire meets scarce resources， conflict is inevitable. However， human is a kind of animal loves security and order. History suggests that people all tried v