Arbitration has become an increasingly popular forum for commercial disputes. This is a non-court method of resolving disputes which are no less binding and enforceable by subsequent court orders.
In contrast to litigation, where one cannot “choose a judge”, arbitration allows the parties to choose their own tribunal. An arbitrator or a panel of arbitrators is appointed by the parties to make a binding decision on rules pursuant to the laws of the country chosen.
This is especially useful when the subject matter of the dispute is technical: arbitrators with an appropriate degree of expertise (for example, quantity surveying expertise, in the case of a construction dispute or a valuer in a property dispute) can be chosen. Some of the advantages are:
- Arbitration is often faster than litigation in court
- Arbitral proceedings and an arbitral award are generally non-public and can be made confidential
- The language of arbitration may be chosen as well as the applicable legal system
- In most legal systems there are very limited avenues for appeal of an arbitral award, which is sometimes an advantage because it limits the duration of the dispute and any associated liability. However, the reverse is that an erroneous decision cannot be easily overturned
Stokoe Partnership Solicitors’ civil team are extremely experienced in this area. We have represented litigants, both personal and corporate, in domestic arbitrations and in international arbitrations.
20 Oct 2021
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