1. Arbitration is preferable to litigation for resolving international commercial disputes as it is typically faster, less expensive, and helps preserve business relationships. 2. Key advantages of arbitration include that arbitral awards are enforceable in many countries under the New York Convention, arbitrators can have relevant technical expertise, proceedings are often confidential, and discovery tends to be more limited than in litigation. 3. Parties can choose between ad hoc arbitration or institutional arbitration administered by organizations like the ICC or AAA. The rules selected and institution chosen if any can impact costs, process, and enforceability of awards.