<Li> Because of the provisions of the New York Convention 1958, arbitration awards are generally easier to enforce in other nations than court verdicts . </Li> <Li> In most legal systems there are very limited avenues for appeal of an arbitral award, which is sometimes an advantage because it limits the duration of the dispute and any associated liability . </Li> <P> Some of the disadvantages include: </P> <Ul> <Li> Arbitration agreements are sometimes contained in ancillary agreements, or in small print in other agreements, and consumers and employees often do not know in advance that they have agreed to mandatory binding pre-dispute arbitration by purchasing a product or taking a job . </Li> <Li> If the arbitration is mandatory and binding, the parties waive their rights to access the courts and to have a judge or jury decide the case . </Li> <Li> If the arbitrator or the arbitration forum depends on the corporation for repeat business, there may be an inherent incentive to rule against the consumer or employee </Li> <Li> There are very limited avenues for appeal, which means that an erroneous decision cannot be easily overturned . </Li> <Li> Although usually thought to be speedier, when there are multiple arbitrators on the panel, juggling their schedules for hearing dates in long cases can lead to delays . </Li> <Li> In some legal systems, arbitration awards have fewer enforcement options than judgments; although in the United States arbitration awards are enforced in the same manner as court judgments and have the same effect . </Li> <Li> Arbitrators are generally unable to enforce interlocutory measures against a party, making it easier for a party to take steps to avoid enforcement of member or a small group of members in arbitration due to increasing legal fees, without explaining to the members the adverse consequences of an unfavorable ruling . </Li> <Li> Discovery may be more limited in arbitration or entirely nonexistent . </Li> <Li> The potential to generate billings by attorneys may be less than pursuing the dispute through trial . </Li> <Li> Unlike court judgments, arbitration awards themselves are not directly enforceable . A party seeking to enforce an arbitration award must resort to judicial remedies, called an action to "confirm" an award . </Li> </Ul>

Explain the nature and advantages of commercial arbitration as a means of settling disputes