The idea of arbitration as an important tool of peaceful settlement of disputes and realization of justice is and universal and continuous notion and is deeply rooted in the history and cultures of most civilizations. Not surprisingly, the universality and continuity of the concept of arbitration, in the context of maintaining international peace and with particular emphasis on the institutional aspects of international arbitration. It is also worth pointing out that a considerable degree of convergence among various arbitral mechanisms as to core elements of arbitral process such as the principle of competence-competence, observance of due process, independence and impartiality of all arbitrators, obligations of the parties to comply with the procedure, the binding nature of the award, and the finality of the award is noticeable.
