With the increasingly globalized economy, arbitration is becoming a popular mechanism for resolving disputes. The total value of international arbitration claims grew over one hundred percent in 2012, from $96 billion in 2011 to $206 billion in 2012. The principal users of international arbitration are corporations. In fact, for the shipping, energy, oil and gas, and insurance industries, international arbitration of multi-billion dollar disputes is the "default resolution mechanism." Across all industries, approximately ninety percent of international contracts include an arbitration clause. Importantly, seventy-four percent of international arbitration proceedings involve exclusively private parties-no state entities are parties to the dispute.
Laura E. Malament,
Making or Breaking Your Billion Dollar Case: U.S. Judicial Assistance to Private International Arbitration Under 28 U.S.C. 1732(a),
67 Vanderbilt Law Review
Available at: https://scholarship.law.vanderbilt.edu/vlr/vol67/iss4/4