dispute between two or more parties exercising the jurisdictional mandate conferred by the latter». It should be noted that the third party acts in a private capacity and does not represent any public office. The disputing parties agree to arbitrate and agree to be bound by the arbitration decision. The arbitrator reviews the evidence in the case and imposes a decision that is legally binding on the parties. Keutgen defines arbitration as «a form of dispute resolution that is based on a private agreement and which leads to a decision having res judicata effect. This decision is the result of the activity of one or more subjects whose power to determine the dispute derives from the common will of the parties." The most important feature in which arbitration differs from other forms of dispute resolution is the binding nature of decisions. Bucher highlights the arbitrator's power to issue “an award which becomes res judicata in the same way as a sentence”. The broadest definition of arbitration was provided by Poudert and Lessons which states that "arbitration is a contractual form of dispute resolution exercised by individuals, directly or indirectly appointed by the parties and vested with the power to adjudicate the dispute in place of the state court." making a decision having effects similar to those of a sentence. When a dispute arises between the parties and it is necessary to resolve it according to a legal process. This process should have the confidence of the parties or at least provide a forum acceptable to the parties. Parties to international commercial contracts often view arbitration as a matter of decisions or disputes between different countries. National courts follow procedures consistent with national law established by the state. These laws in case of international disputes may not be suitable to resolve the dispute in question. National courts are generally open to the public; anyone can intervene to follow an ongoing case. Another important factor that differentiates national courts from arbitration is the rigidity of national court procedures. National courts follow civil procedures or rules regarding how cases are conducted. “The procedural rules or code establish the basis of the courts' jurisdiction, the circumstances in which an action may be brought, which national court has jurisdiction over a particular type of dispute, how to initiate proceedings, what documents must be filed, the rights of response and how, in general, the case should be conducted”.