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Advantages of Arbitration
Advantages of Arbitration
1.Convenient
Arbitration is a quick method to resolve disputes alternative to court litigation without complicated steps. The decision made can be easily recognized and enforced in many countries.
2.Fast and effective
Arbitration is a time-saving method. Parties can tailor the proceeding on their needs choosing different aspects from the law applicable to the arbitrator(s).
3.Cost-saving
On one hand, Arbitration guarantees the same level of fairness of a court judgement, on the other hand, since parties can choose all the elements of the proceeding, it is more efficient and effective, shorter proceeding process, therefore cost-saving.
4.Protect the reputation and keep the business secrets of the parties
The arbitration process is highly confidential. The evidence presented cannot be used in court unless the other party agrees to. Moreover, the arbitral award will not be published without the parties’ agreement.
5.Suitable for complex disputes
Parties can choose the arbitrator(s) who will decide the dispute, whose qualities, qualifications and experience varies from arbitrator to arbitrator. In this way, they can be sure that he/she will take a high-quality decision very quickly, especially when the decision should be decided quickly and appropriately for the complex disputes.
