International Commercial Arbitration and the Possible Application Thereof in Iraq

Mosawi,; Ali Fawzi AL, Dr.

	International Commercial Arbitration and the Possible Application Thereof in Iraq
journal of legal sciences
Article 1, Volume 30, Issue 1, 2015, Pages 1-10
Authors
; Dr. Ali Fawzi AL
Abstract
International commercial arbitration is a special judicial system based primarily on an agreement, be it an arbitration clause or an arbitration agreement (compromise), between parties to a dispute. It is therefore a system aiming at settling commercial disputes by submitting them to a single arbitrator, or an arbitral panel, or an arbitral tribunal (e. g. , the International Court of Arbitration). It is therefore also a means for settling an existing or future dispute that entails refraining from resorting to the competent judiciary. It is also an extra – judicial action aiming at establishing justice between people. The aim of arbitration is to bring justice to parties in conflict, but it is also designed to preserve peace among them, by providing solutions that are deemed satisfactory by each party, and through direct confrontation. It is a technical means for peaceful cooperation between countries with different systems. Resorting to international commercial arbitration is intended to solve a dispute based on a desire for reconciliation, to thereby avoid private retribution, without waiving the protection of the law, although it does entail waiver of state judges’ jurisdiction to rule over the dispute, since the parties choose their own judge.
Keywords
International Commercial Arbitration and the Possible Application Thereof in Iraq

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