FUTURE CHALLENGES AND INNOVATION IN GLOBAL ARBITRATION PRACTICES

Abstract

International arbitration is an ongoing process which is increasingly being used by the companies especially in the commercial sector to resolve disputes rather than going to courts. Arbitration is time-saving, cost-efficient and more autonomous process for parties. However, there have been various innovations that have taken place and now the arbitration has changed a lot over time with inclusion of technological and procedural changes and use of Artificial Intelligence to make the process faster, efficient and less time consuming. The article explains the various technological and procedural innovations that have been adopted, the role of AI in arbitral proceedings, difference in procedures of arbitral proceedings from traditional to digital. It also talks about various future outlooks that the arbitral institutions might adopt with time. It also highlights the concerns that come with the use of AI, technology and various procedural innovations, and lastly maintaining the basic principles of arbitration proceedings. To protect the rights of parties, ensure confidentiality, fairness and legal frameworks for a reliable dispute resolution.