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What is arbitration?
What is arbitration? This is one of the most common questions when discussing arbitration proceedings. Arbitration is not yet well-known in Thailand despite its being widely used internationally. There are international arbitration standards commonly used in more than 160 countries across the world.
In summary, arbitration is one of the Alternative Dispute Resolution processes where a neutral party is selected to decide, similar to a judge in court. However, the proceeding has a lower cost with less time to proceed and more flexible than a court proceeding. It also requires a consensus of the parties to initiate an arbitration proceeding.
In this regard, an arbitrator must be an expert in a particular area of dispute, maintain impartiality, and not under either party’s influence. In the case where there is a doubt in the arbitrator, the party can immediately challenge or change an arbitrator. If both parties agree to the arbitral tribunal award, it is considered a completion of the proceeding.
After the award issuance, if either party fails to comply with the award, the other party can submit a request to the court to enforce such award.
Therefore, when there is a dispute that the parties wish to submit to arbitration, the first thing on your list is to have an agreement with the other party that “both parties agree to settle disputes by arbitration” and then appoint an arbitrator. If you do not know which arbitrator to appoint for your matter, you can visit the THAC’s website. At your services, THAC provides you with a list of specialized arbitrators. You can appoint those who are an expert in your disputes, (List of arbitrators, click).
You can watch a short video by THAC to further understand the arbitration, click.
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