I'm no expert here but my understanding was that any arbitration in agreements is always the first avenue for resolution. However whilst the decision is binding, the losing party if you like always has the right to challenge in court. Arbitration is the first effort to keep it out of court at much less cost and gives allows each party to know where the gaps(if any) are in their case. There would be some cases I am sure which have gone to arbitration and the ruling then challenged in court. All imho.
Woodside's showdown in Senegal, page-322
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