Final answer:
In arbitration, conflicts are resolved outside of court without initiating lawsuits, and the ICC can be quite effective and even appoint arbitrators, making statement B the true statement regarding arbitration.
Step-by-step explanation:
The concept of arbitration relates to a method of dispute resolution that is alternative to litigation in courts. When it comes to arbitration, it is not true that lawsuits are initiated between the conflicting parties as indicated in option A. Rather, arbitration is a process where disputes are settled outside of court. One of the key facets of arbitration is that the preliminary step of conciliation is often bypassed, making option B the correct statement. The International Chamber of Commerce (ICC), contrary to what is suggested in option C, is not weak and ineffective; it plays a significant role in resolving international commercial disputes. In arbitral proceedings, the parties involved typically select a neutral third-party arbitrator to hear their case and make a binding decision, which is somewhat different from option D, where it implies each party selects a representative rather than an arbitrator. Lastly, option E misstates the role of the ICC Court as it does indeed have the authority to appoint arbitrators in certain cases if needed to regulate the private affairs of the disputing parties.