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
- 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
WHY CHOOSE TCCAC
Independent and neutral
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.