Advantages of arbitration, Business Law and Ethics

Advantages of Arbitration

(a) First is, Speed: It is a faster scheme of dispute resolution

(b) Second is, Convenient: Parties are free for determine as;

  1. The number of arbitrators and
  2. Venue of proceedings and
  3. Language to use and last
  4. Law applicable

(c) Third is, Informality:  Arbitral proceedings are free from legal formalities that characterize the courts of law.  Where they are less technical in approach.

(d) Forth is, Expertise and specialization: The parties to the dispute have an opportunity or occasion to appoint the most specialized or qualified person to determine their dispute. And

(e) Fifth is, Cheap: It costs less to see a dispute by the arbitration

(f) Sixth is, Privacy: Arbitral proceedings are conducted in private and free from undue publicity

(g) Seventh is, Flexibility: Arbitral tribunals are not bound through previous awards.  So that this provides room for exploration.

(h) Eight is, User friendly/less acrimonious:  Arbitration is less tunes down enmity and acrimonious between the parties.

Posted Date: 1/21/2013 8:01:26 AM | Location : United States

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