What is the difference between 'court of justice' and 'court of arbitration'?

A court of justice is a formal judicial body that adjudicates legal disputes based on established laws and statutes, often involving public law and state authority. In contrast, a court of arbitration is a private forum where parties can resolve disputes outside of the court system, typically through agreed-upon rules and procedures, focusing on arbitration agreements. While courts of justice are typically presided over by judges and operate under governmental oversight, courts of arbitration are usually composed of appointed arbitrators and operate independently of state control.