Advantages and disadvantages of arbitration

However, absent that, there is no requirement that an Arbitrator be an attorney or any licensed background professional, unless mandated by the Arbitration Association.

Every year, well over new cases involving parties from over countries are filed with the ICC. While international arbitration is by many still considered to be less expensive than US litigation, that is often not true for less costly litigation in civil law countries. By contrast, the parties to an international arbitration are free to fashion the arbitral process to suit their needs and preferences.

The impossibility to appeal arbitral awards is thus an advantage only where the tribunal has rendered a well-founded award. With the possible exception of certain very general requirements of the law of the place of arbitration, no particular set of procedural or evidentiary rules is in principle applicable to an international arbitration proceeding.

While a selection of the most prominent institutions is presented below, there are many other regional institutions, including: This advantage is crucial, as the prevailing party in an international dispute frequently has to enforce the judgment or award rendered in its favor in another country in which the unsuccessful party has assets.

Before arbitration becomes available, the disputing parties must agree to arbitrate rather than go to court. Contrary to litigation in civil law countries, however, a certain degree of discovery is often permitted by arbitration tribunals. Such rules are usually very detailed and intricate and lead to a fairly time-consuming procedure.

Pursuant to the Arbitration Rules parties can agree on either one or three arbitrators, but, in the absence of such an agreement, a panel of three arbitrators is to be appointed. Study the arbitration language to determine its scope, effect and limits.

It is the findings of fact and conclusions of law made by the Arbitrator which is enforceable. The Secretariat consists of several teams of counsel of a variety of nationalities who specialize in different regions of the world. When parties enter into a particular contract, they are ordinarily in a position to determine which national courts are likely to hear any dispute under the contract if they do not agree to international arbitration.

Both Expensive Before arbitrating or litigating, however, remember that both are expensive and involve risks. The parties may be represented by attorneys, but are free to represent themselves.

Whether the parties are arbitrating or litigating their dispute, they will usually have to bear the resulting travel and translation costs. In the latter case, which is the most frequent in complex arbitrations, each party is generally free to select one independent arbitrator. Arbitration is a means of having disputes decided outside of the established judicial system.

Generally, Arbitration hearings are scheduled and decided within six 6 months to one 1 year of the date of the initial filing for Arbitration. Generally, such rules allow for much more extensive review of the judgment than the New York Convention does with respect to foreign awards, and recognition and enforcement are more likely to be denied.

Also, public companies may be required to disclose the proceedings. Depending on the law of the place of arbitration, courts can also be asked to help facilitate the production of evidence, including ordering third parties, over whom the arbitral tribunal has no authority, to produce documents or to testify.

An Arbitration Award is the final decision of the Arbitrator. Potential Need for Court Intervention A potential complication of the international arbitration process arises from the fact that in certain situations the intervention of courts becomes necessary.

The SCC also has a special set of rules for expedited arbitration proceedings.

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Arbitration will be ad hoc where the parties have not agreed on any particular set of rules or where they have agreed on arbitration rules that are not linked to any particular institution, such as the UNCITRAL rules.

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Professor Emeritus of Political Science. Appealing or Confirming an Arbitration Award.

Frequently Asked Questions

Written by Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a New Jersey Arbitration Attorney.

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Arbitration is an out-of-court proceeding in which a neutral third party called an arbitrator hears evidence and then makes a binding decision. Arbitration is the most commonly used method of alternative dispute resolution (ADR), and you'll find an arbitration clause in the fine print of all kinds.

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Advantages and disadvantages of arbitration
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