THE LEGAL SYSTEM OF ARBITRATION IN INTERNATIONAL CONTRACTS
The legal system of arbitration in international contracts. Arbitration is defined as the establishment of a special judicial system to be undertaken by individuals with the power to adjudicate in Disputes and parties are the ones who evaluate it and determine its competence. Arbitration has been considered one of the most successful means of resolving disputes by peaceful means since ancient times The rulers of ancient China took it, and before the state-imposed recourse to the judiciary by enacting laws, the Greeks took it since their early times as a means for a political and judicial settlement, just as religious and ethnic minorities in Europe resorted to it, which did not recognize the authority of the Church or the authority of the king, In the old European law, the “Moulin” order issued in 1566 considered arbitration necessary not only in commercial cases, but in all other settlements, and for its part, Article 01 of the French decree dated 16-20 August 1790 considered that arbitration is the most rational way to end individual disputes. The arbitration system is characterized by some characteristics such as speed in procedures, flexibility, and confidentiality, in addition to the great freedom that the arbitration parties enjoy in agreeing on the legal rules that govern them, based on the principle of the authority of the will. In addition, the study of arbitration in international contracts derives its importance from the role it plays in the economies of developing and developed countries alike, because countries are often bound by bilateral or collective agreements aimed at protecting their organization through the conclusion of contracts between the state.
Keywords: The Legal System, International Contracts.