In the commercial sphere, the list of disputes that can arise is endless.  Common commercial disputes include unpaid debts or unfulfilled contractual terms, infringement of IP rights, construction-related claims, the liabilities of insurers, shipping cases and defective products.  If disputes are not settled by negotiation, they will be resolved by either court litigation or an alternative form of dispute resolution such as arbitration and mediation.  Arbitration is often stipulated as the preferred method in commercial contracts, and international arbitration is fast becoming the most important form of dispute resolution among commercial parties involved in international transactions.  At its core, international arbitration is consent based, but increasingly being chosen as a dispute resolution mechanism in international contracts due to the many benefits it holds over traditional litigation in local courts, including the wide enforceability of awards under the New York Convention.