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Arbitration has become the dispute resolution method of choice in international transactions. This book provides the reader with immediate access to understanding the world of international arbitration, explaining how and why arbitration works. It provides the legal and regulatory framework for international arbitration, as well as practical strategies to follow and pitfalls to avoid. It is short and readable, but comprehensive in its coverage of the basic requirements, including the most recent changes in arbitration laws, rules, and guidelines. The third edition includes new sections on state to state arbitration, the role and power of the arbitrator, reform efforts in international investment treaties, transparency in international arbitration and third party funding. In the book, the author includes insights from numerous international arbitrators and counsel, who tell firsthand about their own experiences of arbitration and their views of best practices. Throughout the book, the principles of arbitration are supported and explained by the practice, providing a concrete approach to an important means of resolving disputes.