Arbitration in Economic and Legal Aspects

Arbitration is a procedure that efficiently resolves disputes between parties. As alternative procedure, arbitration has begun to dominate globally in disputes between businesses. More complicated disputes and those with larger amounts, all over the world are solved by arbitration tribunals. While in economic terms, arbitration is the process of taking advantage of price differences in money, precious metals or stocks. If we assume that buying and selling is to be fulfilled at the same time, then the arbitrator is not responsible for any risk. Positive differences between the sales price and the purchase price, is the benefit of an arbitrator. During the study of literature research we did the evaluation of arbitration made in economic and legal terms. Making clarification of arbitration, the article will include possible differences and similarities in these two different areas, additionally its application in the international field