Simply put - arbitration is a way of resolving disputes without the cost and expense of formal litigation. Let our brilliant team help you see whether arbitration can work for you - whichever side of the dispute you are on. Call us today.
There are several benefits that arbitration has over “traditional” forms of litigation. In a commercial or business context, some of the main reasons cited by parties as to why they prefer arbitration to litigation include.
- Commercial disputes can and often involves sensitive information. This may include the identity of investors, the balance sheet of a company, or commercial deals in the process of being negotiated. Arbitration, unlike court proceedings are private. Parties can have more certainty and confidence in disclosing sensitive commercial information that they may not be keen to do in open court.
- In business, speed and certainty helps. Arbitration can be a much faster process than issuing a claim at court, as the parties are not at the mercy of the court’s timetable, which may not have the capacity or availability for judges to hear claims as soon as the parties would like. As parties can choose their arbitrator, this issue is negated considerably, as they can ensure that the arbitrator that they choose is available within their particular time constraints.
- Arbitration is more certain than litigation. By that, we mean that there is very limited grounds of appeal. There are no higher courts for parties to appeal to. Challenges available are limited, and empirical data shows that very few challenges succeed. A party who arbitrates has more certainty that once an award is made, it is highly unlikely to be successfully challenged.
- Arbitration awards are easier to enforce, by virtue of the New York Convention 1958 than Court judgments in foreign jurisdictions. This means that regardless of the above advantages, for practical reasons, it is often the most material point for disputing parties.
Whatever your Arbitration enquiry – our team has the expertise to help you. FWJ are experienced in helping clients domestically and internationally resolve their disputes through the use of Arbitration or other types of Dispute Resolution mechanism. No matter what your issues – call our team of experts today and we can help.