ABSTRACT
Arbitration is somewhat more worrisome and its advantages over the court process not always obvious. The sources of the law of arbitration lie in a number of international conventions, international model laws and model rules, and institutional rules such as those of the International Chamber of Commerce (ICC) and the London Court of International Arbitration (LCIA). The Convention on the Recognition and Enforcement of Foreign Tribunal Awards was adopted by the United Nations Conference on International Commercial Arbitration on 10 June 1958 and came into force officially on 7 June 1959. International Commercial Arbitration is often the only adjudicatory process acceptable to both parties to State contracts. The Commonwealth Caribbean regional movement has no permanent tribunal exercising an international law jurisdiction, notwithstanding the existence of a regional court with jurisdiction in municipal law questions, nor is there any incorporation of United Nations mechanisms for the settlement of disputes, such as the International Court of Justice.
