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International arbitration is the leading form of international dispute resolution between businesses of different nationalities, as well as between foreign investors and States. It is a consensual, neutral, binding, private and enforceable means of international dispute resolution, which is typically faster and less expensive than domestic court proceedings. It is sometimes called a hybrid form of international dispute resolution, since it blends elements of civil law and common law procedure, while allowing parties an opportunity to design the procedural rules under which their dispute will be resolved.

Companies frequently include international arbitration agreements in their commercial contracts with businesses located in other States, so that if a dispute arises they are obligated to arbitrate before neutral arbitrators rather than to pursue litigation before a foreign court. A relatively recent phenomenon, investor-State arbitration concerns arbitration proceedings by foreign investors against States on the basis of bilateral or multilateral investment treaties, or domestic laws providing consent to arbitration.