The international arbitration is an alternative means of resolving disputes that arise between different parties or associations involved in cross-border trade. If there is any disagreement formed, both parties must have a clear idea how to achieve mutually satisfactory result for solving these disputes.
Through the international arbitration firm, both disputed parties have a great freedom to determine many aspects of their procedure as compared to court litigations, such as:
Members of Arbitration Tribunal
Both parties have to decide the number of member of arbitration tribunal either one or few arbitrators according to their preference. Generally, each party is free to select one independent arbitrator.
Specialized of Arbitrators
This is the main beneficial for both parties. They can select the arbitrators from a pool of professionals that are specialized in particular fields such as building & construction, chemical, oil & gas, distribution, finance, media, automotive, aviation, logistics, IT, IP, telecommunications, pharmaceuticals, shipping, steel and transportation industries.
These arbitrators have greater level of expertise and knowledge than judges of court.
Country of Arbitrations
Additionally, both disputed parties are free to decide which country to resolve the conflict of interests. Hence, the chosen arbitrators are independent and impartial to handle these disputes arising from joint ventures.
Time and Venue
The international arbitration is more flexible than court litigation in which both parties can define when and where the hearing will take place. They can choose any locations they comfortable with such as meeting room, office etc.
At the international arbitration firm, it also allows the parties to pick the language that they would like the proceedings to be conducted. Parties can also agree to have the arbitration proceed in two languages.
Each procedural of international arbitration is depending on your choices. Seek help from the international arbitration firm to solve your disputes quickly.