The environment in which businesses operate is very complex and dynamic. Thus, more often than not, disputes between businesses and parties usually arise. The most common type of conflict or dispute in the corporate world is usually on contracts. This may be manifested in parties reneging on the terms and conditions of the contract signed after discussion and agreement. In their bid to maximize profits which is usually the main purpose of them being set up, businesses across the continental divide usually enter into contracts with other parties. These parties may include individuals, group of individuals or other businesses. In most countries, such as the United States of America, United Kingdom and United Arab Emirates (UAE) among others, there are laws which give clear guidelines on the signing of contracts between parties. Moreover, these laws also give guidelines regarding the resolution of conflicts that may arise from signing of such contracts. While some of these countries such as the United States and the United Kingdom recognize contracts under specially formulated contract laws and also under the common laws or jurisdictions, others like United Arab Emirates recognize contracts under some chapters of their laws, penal codes and the contractual laws of other foreign countries. The contractual conflicts arising in the corporate world are usually solved in a variety of ways with the most common being courts of law, mediation, direct negation between the conflicting parties and arbitration. Conflict resolution is an integral part of the corporate world aimed at resolving differences, commonly referred to as disputes, between parties. Disputes arising are usually resolved by the method stipulated in the clauses touching on conflict resolution in the contract agreement. Thus, it is imperative that parties in any contract read, discuss, and understand and agree on the conflict resolution clauses in the contract agreements. This is because this can be the difference between winning or losing in any contractual conflict that might arise. Conventionally, many people go for courts of law. However, over the past years the use of arbitration has gained popularity in the corporate world and other parts of the society where conflicts are common phenomena. This can be mainly attributed to the numerous advantages that come with arbitration as avenue for conflict resolution. Being an alternative dispute resolution avenue, arbitration uses third parties whose decisions which are commonly referred to as award, are legally binding to both parties in the conflict. Even though carried outside law courts, the neutral arbiters arrive at their decisions using evidence deduced from expert analysis of the terms and conditions of the contract stipulation in dispute. These advantages far much outweigh the disadvantages and the use of courts of law. In my current position, I would always encourage my company to choose arbitration over courts of law solve any conflict that may arise. Since commercial transactions especially those of international nature are of complex nature, there is need for solving the disputes that may arise in a manner which is convenient for all the parties involved. The convenience in terms of time during which the arbitrat