This greatly updated and expanded version of a 1996 classic - in its time, the first major study on the practice of international business dispute resolution - is a new book in itself. Benefitting from a comprehensive empirical survey of new trends in the field, and from discussions of the newest tools for making settlement negotiations more effectie, the second edition is a "must have" resource for anyone dealing with a potential conflict in international business relationships. The authors' analysis is rooted in the experience of over 100 top practitioners from 17 countries, distilling the conduct of over 3000 international commercial arbitrations and mediations. The book's in-depth coverage includes such key considerations as the following: process, legal framework, and transaction costs of international commercial arbitrations; practical techniques to integrate mediation and arbitration in international business; conflict and negotiation theory as a conceptual basis for mediation and other alternative dispute resolution techniques; guidelines for the design of procedures for effective conflict management in international business; and statements and recommendations of numerous practitioners made during personal interviews. An abundance of illustrative graphs, tables and practical checklists enhances the presentation throughout. As a detailed analysis of how dispute resolution actually works in modern international business - with practical guidance on relevant techniques - this book will be of enormous value to corporate counsel and to international lawyers and business persons, as well as to scholars and students of dispute resolution.