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Arbitration is a procedure in which a dispute is settled by an impartial adjudicator whose decision agreed to or ordered by the parties to the dispute will be final and binding. There are limited rights to review and appeal arbitration awards. Arbitration procedures are not the same as: judicial proceedings (although in some jurisdictions, judicial proceedings are sometimes referred to as arbitration[2]), out-of-court settlement of disputes (ADR), mediation (a form of transaction facilitated by a neutral third party). Although arbitral awards are characteristic of obtaining damages against a party, courts in many jurisdictions have a number of appeals that may be part of the award. The parties can also state in the compromise clause that the United States and Great Britain were the pioneers of arbitration in resolving their disputes. It was first used in the Jay Treaty of 1795, negotiated by John Jay, and played an important role in the Alabama Claims affair of 1872, which resolved greater tensions over British support for Confederation during the American Civil War. At the First International Conference of American States in 1890, a systematic arbitration plan was developed but was not accepted. At the 1899 Hague Peace Conference, the world`s major powers agreed on an arbitration system and the creation of a permanent arbitration tribunal. Between 1890 and 1914, arbitration was the subject of intense discussion among diplomats and elites. The dispute between the United States and Great Britain over Venezuela in 1895 was settled peacefully by arbitration. Both nations recognized that a mechanism was desirable to avoid future conflicts.

The Olney Pauncefote Treaty of 1897 was a treaty between the United States and Great Britain in 1897, which allowed important disputes to be resolved before. The treaty was rejected by the U.S. Senate and never came into force. [26] The Korean Arbitration Act is the most important right of arbitration in the Republic of Korea. The official body that settles disputes through arbitration is the Korean Commercial Arbitration Board. Korean lawyers and companies increasingly prefer arbitration to litigation. [23] The number of arbitrations in Korea is increasing year on year. [24] If ICC Arbitration is chosen as a preferential settlement method, it should be decided when negotiating separate contracts, contracts or arbitration agreements.

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