Arbitration of Investment Disputes - A Turkish Perspective Essay

Arbitration of Investment Disputes - A Turkish Perspective - Essay Example The arbitrator can  be a third reliable party between the two opponents. They make a decision outside the court of law and predominantly decisions made by the arbitrator are final and binding. So, arbitration is an â€Å"Alternative Dispute Resolution† technique used by two conflicting parties to resolve their dispute without getting into legal (court) formalities. In big investments where the government, big corporate and financial institutions deals within country or internationally, dispute arises because of company policies, changing e theonomy, conditions of countries, policies of both parties countries dealing with, political environment, etc. ‘Investment Arbitration’ is a policy for economic development and prosperity supported and backed by economic policies by setting up independent disciplines for the development and civilization of institution by enforcing good governance with effective, efficient and disciplined economic reforms which ultimately results in better investment conditions and environment and development of policies for investors protection. 1 So, arbitration of investment dispute is a perfect path of resolving an international dispute among two opponent parties with the help of an arbitrator for the quick decision, it may be between two individuals or individual with the government, financial institutions, corporate or any two parties. The primary source for information for investment arbitration is regional and bilateral investment treaties which are according to United Nation Conference on Trade and Development (UNCTAD). Till now there are 2,500 treaties and it is increasing by 50 to 100 in numbers every year. This is primarily because of the growing number of law firms. IISD is an authorized institution for reviewing and revising the main rules of arbitration.