PRACTICAL ASPECTS OF APPLYING DIFFERENT LEGAL TRADITIONS IN INTERNATIONAL ARBITRATIONS
PRACTICAL ASPECTS OF APPLYING DIFFERENT LEGAL TRADITIONS IN INTERNATIONAL ARBITRATIONS

Summary/Abstract: In legal science, there is no single and comprehensive definition of arbitration. Most of the positive regulations that regulate it, both in the world and in our country (Law on Arbitration), leave out the question of its determination. Nevertheless, in science and legal practice, arbitration is most often defined through the presentation of the arbitration dispute, its elements, course and legal consequences, as well as by stating the differences between arbitration and the court process, i.e. arbitration and other alternative ways to resolve disputes (Alternative Dispute Resolution). . It is established that arbitration is an alternative to judicial dispute resolution, that it is formed by consensus, that is, the agreement of the will of the parties involved in it, that it is of a private nature, and that its decisions are legally binding and final. The paper tried to administratively explain the differences, i.e. different ways of acting in the case when the participants in international arbitrations come from different legal systems, especially the differences between the two most important and most represented prana systems in the world, the European, continental legal system and the Anglo-Saxon law (common law).

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