International trade and commerce accelerated by global economic policy, comprehends all means of conveyance of goods and services amongst the people of various States, thus dissolving the State boundaries for the benefit and enrichment of every society. Concomitantly, for the settlement of disputes crossing the borders, International Commercial Arbitration takes the lead to remove the impediments in the free flow of trade and commerce. Through this process, the States are strengthened economically not only by the flow of Foreign Direct Investments but also the results of international trade and commerce. Apart from the transport of goods and services on land surface and air, waters of seas and highseas provide the cheapest and bulkiest transport in the course of business. Marine study constitutes one of the best means of updating the knowledge relating to business management, and Marine Arbitration plays a vital role in the grievance redressal mechanism. Maritime arbitration has been developed based on the transnational relations comprehending many regional and international documents for peaceful settlement of disputes under the aegis of international law principles. Maritime arbitration has been adopted globally with the hope of sustaining the rule of law in settling the maritime matters thus redeeming the parties from the prolixity of judicial technicalities. Thus, Maritime Arbitration is an effective legal process to unify the interests of trade drawn from diverse commercial customs. This paper overviews the emerging problems related to arbitration clauses.

Growth and development, be it individual, institutional, regional, national or international, can never be expected sans impediments, disputes and differences. Every progress is preserved after diffusing the disputes. This principle operates even in modern international transactions—commercial, social, political and even human bondage. All disputes may not be suitable for judicial scrutiny, particularly when one goes for expediency and efficacy in resolution of issues rather than settlement of disputes.

The significant increase in the role of international trade in the economic development of nations over the last few decades has been accompanied by a considerable increase in the number of commercial disputes as well. Rapid globalization of the economy and the resulting increase in competition has led to an increase in commercial disputes. At the same time, however, the rate of industrial growth, modernization, and improvement of socioeconomic circumstances has, in many instances, outpaced the rate of growth of dispute resolution mechanisms. In many parts, rapid development has meant increased caseloads for already overburdened courts, further leading to notoriously slow adjudication of commercial disputes.1 As a result, alternative dispute resolution mechanisms, including arbitration, have become more crucial for business operations across globe as well as those doing businesses. This development has to be viewed in the context of more far-reaching changes in international relations. Thus, the second half of the 20th century has witnessed an expansion and diversification in the ways in which States relate to one another.

Law Review Journal, Growth and development, Individual, institutional, regional, national or international, Maritime Arbitration, Blend of Unity, Diversity.