Crisp Guide to International Arbitration
International arbitration depends upon the agreement between the parties. Needless to say, international commercial arbitration is a process in which the parties from different states can get their disputes resolved by an impartial tribunal. Nowadays, arbitration is the preferred method to resolve the business disputes of an international character. There are some advantages that the clients can avail with international arbitration -
The arbitration parties are quite flexible that perfectly suits the contracts and needs of the client.
The procedures and the outcomes of the international arbitration are private and confidential. On the other hand, the court proceedings are generally public. Moreover, the disputes resolved are much faster than litigation. The parties need to pay the fees and expenses of the decision makers but the whole arbitration process is cost effective. It also provides great cost effectiveness for the smaller disputes.
When you need to consider the international arbitration?
These should be considered in relation to all the international transactions and disputes. Apart from neutrality and flexibility as its key benefits, the clients can also expect the preservation of business relationships.
The arbitration procedure is solely determined by the agreement of the parties. It basically includes the process of bringing a business dispute before a disinterested third party for resolution. The arbitration hears the evidence brought by the both sides and then takes a decision.
Thus, arbitration is used in place of litigation just to set a dispute without the cost and time of going to the court. The difference between the arbitration and litigation lies in the processes themselves and the result of decisions on disputes.