ARBITRATION

Arbitration is a non-judicial process for the settlement of disputes where an independent third party - an arbitrator - makes a decision that is binding.

The role of an arbitrator is similar to that of a judge, though the procedures can be less formal and an arbitrator is usually an expert in their own right.

The are many advantages to arbitration:
the process can be tailored to suit parties particular needs
arbitrators can be chosen for their expertise
it is confidential
it can be speedier and cheaper than court
there are limited grounds of appeal
arbitral awards are binding and enforceable through the courts.

Arbitration offers parties the freedom to choose a method of dispute resolution tailored to their precise needs. That freedom extends to the choice of applicable law, the venue, the language, and the choice of arbitration procedures, whether under institutional rules, stand-alone procedures, like the UNCITRAL rules, or entirely ad hoc.

Parties may also choose their arbitrators, thus ensuring the constitution of a tribunal with precisely the right qualifications and experience.

It is this freedom of choice that reinforces the key elements of international arbitration: enforceability, procedural flexibility, party-control, neutrality, privacy and confidentiality, cost-effectiveness and speed.