Task: Class Definition Understanding (ontology: Legal/LKIF_Core_Ontology)

Which of the following definitions best describes 'International Arbitration'?

A. a code outlining the responsibilities of or best practice for an individual or organisation, such as a set of principles of good corporate behaviour adopted by a business\
B. Some international agreement that is not binding under international law
C. A the concept is a written motion adopted by a deliberative body. The substance of the the concept can be anything that can normally be proposed as a motion.
D. the concept is the established method today for resolving disputes between parties to international commercial agreements. As with arbitration generally, it is a creature of contract, i.e., the parties' decision to submit any disputes to private adjudication by one or more arbitrators appointed in accordance with rules the parties themselves have agreed to adopt, usually by including a provision for the same in their contract. The practice of the concept has developed so as to allow parties from different legal and cultural backgrounds to resolve their disputes, generally without the formalities of their underlying legal systems.

Answer: the concept is the established method today for resolving disputes between parties to international commercial agreements. As with arbitration generally, it is a creature of contract, i.e., the parties' decision to submit any disputes to private adjudication by one or more arbitrators appointed in accordance with rules the parties themselves have agreed to adopt, usually by including a provision for the same in their contract. The practice of the concept has developed so as to allow parties from different legal and cultural backgrounds to resolve their disputes, generally without the formalities of their underlying legal systems.