The reason of choice three arbitrators is aspiration for achieving the fair and well-reasoned award. I would prefer arbitration over litigation. The parties can chose arbitrators, who are the commercial experts. Arbitrators have more experience in international commercial trades than ordinary court judges. Arbitration body is impartial institution it gives more possibility that the decision of this institution will be fair.
Arbitral awards has the same effect as the court judgement.
The award is the final decision it means the speeding dispute resolution. The award can be enforceable in ordinary court. Sometimes the parties have to wait a long time before their lawsuit will be under consideration in the court. But in business the time is very expensive. Through the time of the court proceeding the pate and mushrooms can spoil and it will make losses to the parties.