Arbitration advantages

 

Why Does International Business Choose Arbitration?

Arbitration as a less formal process is a method of resolving dispute without going to court. In arbitration, the dispute is submitted to a third party (the arbitrator) who resolves the dispute after hearing a presentation by both parties.   

Arbitration Pros:

  • Cost: Historically, arbitration has often been seen as a cheaper way to resolve disputes, on average, than litigating in court. So arbitration services can be significantly less expensive than going through the full court process.
  • Speed:  The arbitration process can take significantly less time than going through the courts and with some exceptions, arbitrations tend to follow more specific and defined timelines toward resolving a dispute.
  • Confidential: Arbitration hearings do not take place in open court and transcripts are not part of the public record. If you go through private arbitration, it is possible to keep the entire proceedings and outcome confidential.
  • Finality: If arbitration is biding, there are very limited opportunities for either side to appeal, so the arbitration will be the end of the dispute. That gives finality to the arbitration award that is not often present with a trial decision.
  • Enforcement: Thanks to the New York Convention (1958), an arbitral award can be enforceable in nearly 157 countries.

WHY CHOOSE TCCAC

·         Independent and neutral arbitration centre.

·         Freedom to choose the UNCITRAL Arbitration Rules.

·         Freedom to choose the seat of Arbitration.

·         Independent arbitrators who are highly experienced lawyers or business professionals with extensive knowledge of a particular industry or body of law.