International Arbitration is one of the popular dispute resolution methods that have been in use for a long time. In addition, its popularity continues to grow with time, as it is considered a quick, convenient and simpler method of resolving conflicts of interests between two parties. Among all these benefits, confidentiality of information is another factor that attracts people towards arbitration.
But who is responsible for information confidentiality in it? Well, here is the answer.
- Firstly, parties (two or more) decide if they want to keep their information, reports, data etc., private during the procedure. Usually, both parties settle on the confidentiality of data, as companies do not want their information to become public. It can harm their business or reputation in market.
- Arbitrators usually take the responsibility of keeping business’s essential information private and confidential that is provided during the hearings. Arbitrators ensure that no data is compromised during the process, unlike local court proceedings, where information can be made public anytime.
It shows that both clients and arbitrators carry the responsibility of keeping data confidential during the arbitration process. In addition, arbitration resolves disputes quicker than the local courts, which reduces the chances of any information leaks. Both parties have greater control over the process, which assures them of their data’s privacy and safety.
This is the reason why arbitration has a great use in business, where there is always a chance of companies coming face to face for their profits in the joint ventures. If you too are seeking arbitration services for your business, then consult with experienced ICC arbitration lawyers to go further with the procedure.