Quantification of Variables of the Information Model for Resolving Maritime Disputes through Arbitration

AbstractThe goals of this paper have been to explore and define the advantages of resolving maritime disputes through arbitration compared to their settlement in state courts, to emphasise the importance of arbitration in resolving maritime disputes, to encourage the parties to settle maritime disputes in this way, and to determine and quantify the values of the most relevant variables of the information model for resolving maritime disputes by means of arbitration versus state courts through the period 2008-2018. The research proves that arbitration clearly presents a faster, more creative and cost-efficient way of settling maritime disputes when compared to judicial proceedings. The advantages also include practical and economical aspects, flexibility and confidentiality. Due to these advantages, arbitration becomes the principal means of resolving disputes in maritime trade. Quantification of the values of the main variables of the information model for the period 2008-2018 proves that it is more beneficial to the parties involved in maritime issues to settle their disputes through arbitration than before state courts