International dispute is any discrepancy claims or claims between two international persons or more. Most cases are resolved between parties among themselves, after shorter or longer negotiations. Means of peaceful settlement, which were built in international law, are at disposal for the parties, but according to general international law are not obliged to apply a particular asset for their dispute. To use an individual asset it still requires consent of the parties. Methods of peaceful settlement of disputes are divided into three groups: the diplomatic means,institutionalized (formalized) funds which do not necessarily lead to a final decision, and the means that lead to a binding judgment. Diplomatic means include direct negotiations between the parties to the dispute, good offices and mediation of a third party. Institutionalized goods include conciliation and investigation, and the means that leads to binding judgment are arbitration and judgment in front of the international court of justice.Arbitration, in atermsof a law is a way to dealwithlitigation, inwichdisputes are considered to besolvedoutofcourt, whereparties arerepresentingtheirmatterinfrontof one or more persons (arbitrator, arbitrators, courtofarbitration). Arbitrator, orcourtofarbitration as a non-statecourtderivesitsauthority to resolvethedisputefromagreementbetweentheparties. Arbitration is theoldestlegalmethodofsolvingdisputes. Its role is to resolve,inaccordancewithinternationallaw,disputessubmitted to it. Itsexistancewasnotedevenamongthepeople oft he Far East, Sumerans, ancientGreeks, medievalcitiesandother.