International arbitration

International arbitration is like having grown-ups who are experts at solving problems and making decisions for people from different countries who are in a disagreement.

So, let's say there are two people, Sally from America and Pedro from Spain, and they have a problem because they made a deal to buy some toys but now they cannot agree on the price. Sally and Pedro can't decide who is right, and they can't just go to court in America or Spain because there are rules that make it difficult for them to do that.

Instead, they can go to international arbitration. In arbitration, Sally and Pedro choose a group of grown-ups who are experts in solving problems - these experts are called arbitrators. The arbitrators are like referees in a game, where they decide the rules and the outcome of the game. The arbitrators are chosen because they know a lot about the law, and they are not from either America or Spain, so they are neutral and not biased.

The arbitrators listen to Sally and Pedro explaining what happened, and then they decide who is right and how much money Pedro should pay Sally for the toys. The arbitrators' decision is final, which means Sally and Pedro must accept it and cannot go to court again to ask for more money. This is why it's essential to have good arbitrators who make fair and reasonable decisions.

So, in summary, international arbitration is like picking grown-ups who know a lot about the law to solve problems for people from different countries, so they don't have to go to court in either country. The arbitrators listen to both sides, make the rules, and decide the outcome. It's like having a peaceful and fair way to settle disagreements without going to court.