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Real-World Applications of Arbitration
Arbitration is utilized across various sectors, including commercial, construction, employment, and international disputes. For instance, in the construction industry, arbitration is frequently employed to resolve disputes over contract terms, project delays, and workmanship issues. The Construction Industry Arbitration Rules provide a framework that is tailored to the specific needs of the industry, ensuring that disputes are resolved by professionals knowledgeable in construction law and practices2.
Similarly, in international business, arbitration is a preferred method for resolving cross-border disputes due to its enforceability under the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, which is recognized in over 160 countries3.