RESOLUTION OF COMMERCIAL DISPUTES THROUGH ARBITRATION AS A CONTRIBUTOR TO IMPROVEMENT OF BUSINESS ENVIRONMENT IN SERBIA

The paper presents a brief overview of selected arbitration-related issues (legal framework for arbitration, different types of arbitration, arbitration agreement, arbitrators, seat of arbitration, law applicable to the arbi- tration proceedings and merits, arbitration award, costs), in light of con- temporary arbitration trends and practices and with special emphasis on Serbian legislation and existing arbitral practice in Serbia. Further- more, it provides readers with drafting considerations when agreeing to arbitration, and comparative analyses of advantages and disadvan- tages of arbitration, as dispute resolution mechanism which can, in aut- hors' view, significantly contribute to reduction of transaction costs and overall improvement of business environment in Serbia.