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;
- The number of arbitrators and
- Venue of proceedings and
- Language to use and last
- 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.