Disputes are unavoidable in business as conflict of interest may arise anytime between two parties or individuals. The reason for this conflict can be anything such as employment, banking, health services or financial services. In such situations, many opt for the most common dispute solving process they know – going to the local court. However, there is another option – opting for an international arbitration law firm.
An arbitration firm or attorney can resolve the conflict of interests between two parties with their industry knowledge, experience and skills. Below mentioned is the procedure that they follow for this purpose.
- One party that hires the arbitration law firm notifies the other party regarding it.
- When both parties agree on the arbitration firm & its rules, the process begins.
- Arbitration law firm or attorneys make a panel in which both parties are included.
- Both parties get the chance to represent their side of the story through arguments, evidence etc. Issues and conflict of interest are addressed to find the underlying cause of the problem.
- After a few conferences between both parties and hearing both sides of the story, the arbitration attorney will come to a conclusion.
Arbitrators take less time to resolve the issue and provide fast results. Compared to a lengthy procedure of local court, arbitrators also decrease the costs. Furthermore, they keep the whole procedure confidential and private in order to protect the privacy of both parties.
The arbitration procedure is simpler and quicker compared to going to the court, which is why many businesses opt for international arbitrators.