Description
Globalization has been a mixed bowl of opportunities and discontents the world over. What took the cake, though, was ICT swaying its magic wand on absolutely everything under the sun, due to its ability to compress time and space leading to real world inter-connectedness which, by definitional standards is the synonym of globalization. The world became flat through the exchange of capital, labour goods and technology-transfers making the nations intensely market driven and encouraging the freedom to invest. As it brought humongous transnational opportunities, so did it bring conflicts necessitating a dispute resolution mechanism which was a quicker, less procedural and harmonized model to meet the demands of international parties. The focus had to be on the primacy of party autonomy to decide on lex arbitri, lex fori and lex contractus as the confidence of neutrality and cross border jurisdictional issues became prime issues here.