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Alternative Dispute Resolution (ADR) refers to mechanisms used to resolve disputes outside traditional court litigation. In the context of international business, ADR plays a critical role due to the complexity of cross-border transactions, differences in legal systems, and the need for faster and cost-effective dispute settlement. The primary methods of ADR include arbitration, mediation, conciliation, and negotiation. Arbitration is a formal process where disputing parties submit ________ _________ _____ __________ ______.
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