Abstract

“The richest love is that which submits to the arbitration of time.”, Lawrence Durrell, a British novelist quoted, stating the momentousness of the utmost essence in the universe correlating it to arbitration. More than anything, it is the necessity of change. International arbitration has always been a product of necessity, with the expansion of global trade serving as the primary impetus for its creation. However, issues like apprehension about change, biases in algorithms for making decisions, and the requirement to strike a balance between innovation and core arbitration principles must be addressed. As soon as ‘international arbitration’ pops up in the discussion, plenty of questions baffle across the minds of the audience, such as – In today’s world of artificial intelligence, popularly known as AI, how have technological advancements impacted the effectiveness and efficiency of international arbitration? What are the potential benefits and challenges of integrating virtual proceedings and various online platforms in the due process of international arbitration? The idea of innovation in international arbitration is examined in this article along with its implications for effective and flexible conflict resolution in a global setting. This research demonstrates the potential of innovation to change the landscape of international arbitration via the investigation of technical breakthroughs, procedural changes, and changing legal frameworks. International arbitration may reach its full potential and provide constructive, affordable, and enforceable conflict resolution for the global business community by embracing innovation. Pondering on another question, how can the training and education of today’s arbitrators and lawyers be amplified such as to extensively utilize the innovative methods to be used in the arbitration process? The manuscript aims to shed light on all such questions and elucidate the readers’ about the perquisites as well as impediments of the innovations and revolutions which have happened in international arbitration so far.

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