COMMERCIAL ARBITRATION: ROLE AND PLACE IN THE GLOBALIZATION OF TRADE AND THE ECONOMY

Abstract

The Article is devoted to the importance and role of the arbitration court in the consideration of commercial disputes ina globalized world, when the economy begins to exist without borders, and individual jurisdictions in the territory of States retaintheir exclusivity. In the first part of the article, the authors briefly introduce the activities of arbitration courts in the Czech Republic,review the history of their formation and note the growing authority not only within the country but also abroad in cases not relatedto the Czech Republic. The following are the advantages that arbitration can offer to the parties to an international transactioncompared to litigation in state courts; the essential and recommended content of arbitration clauses and, in short, the so - calledpathological arbitration clauses are presented. The analysis allowed the authors to argue that arbitration is becoming the preferredmechanism for resolving disputes in the field of international trade.