It is more than arguable that arbitration has become the most efficient means of resolving international commercial disputes. However, its effectiveness depends on the rules that control the process. These rules are established on the basis of party autonomy, a principle that has been endorsed by national arbitration laws as well as international arbitration institutions and organizations. In the exercise of their autonomy, parties to an arbitration may confer upon the arbitral tribunal the procedural regime, and the power to implement it, that they consider appropriate to their specific dispute.

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