Settlement and Risk Assessment in International Commercial Arbitration

International commercial arbitration has failed to redeem its promise to be efficient.Approximately 27% of all international commercial arbitral proceedings are settled before issuance of a merits-based award.This book asserts that legacy international commercial arbitration is based on the economic efficiencies arising from a zero-sum-game approach to dispute resolution pursuant to which the most efficient result is one that yields a prevailing (winning) and non-prevailing (losing) party.This emphasis on process efficiency has caused international commercial arbitration to lose its standing as the premier dispute resolution methodology for cross-border commercial conflicts.Historically, settlement has not been perceived as an element of international commercial arbitration's culture.Only recently has a consensus arisen acknowledging that arbitrators have an obligation to facilitate settlement. This book explains that, through timely risk assessment, voluntary settlement of arbitral pr