Prof. Tibor Várady

The author analyses the arbitration policy, arguing that international commercial arbitration has become the dominant method of settling international trade disputes. International agreements brought international value of arbitral awards that is actually higher than the international value of court decisions. Furthermore, he stresses the most successful process of international harmonization of arbitration rules and statutes pertaining to arbitration world wide, in which process the UNCITRAL enactments have played a prominent role. The author also takes into consideration the contractual restriction of judicial review and the issue of extension of judicial control by party agreement, pointing out to the certain disorientation and difficulties that could emerge in that regard.

Key words: abitration policy, UNCITRAL, harmonisation of arabitration rules and statutes, contractual restriction of judicial review, extension of judicial control by party agreement