The disputes or conflict of interest is unpreventable problem if one organization had established their business to distinct country with their corporation partners. Due to the nature of private and confidentiality of Investment Arbitration Firm , arbitration has become the preferred solution to resolve these disputes in global.
When both parties have a dispute, it would preferable if they were able to discuss it and resolve it in a friendly and peaceful manner rather than submitting it to the litigations. Thus, it is possible to assist helps of an arbitrator as impartial third party to provide an award through a private hearing, which is different from national court.
‘Privacy’ in the arbitration means the hearing is conducting privately which is not to public or no third body can attend arbitral conferences. It is to prevent the documentation, information or business secret to disclosure.
‘Confidentiality’ refers to non-disclosure of specific information to public. Since, arbitration is invoked of multiple parties (witnesses, translators, officials of the arbitral institution, etc.), it is quite hard to achieve a completely confidentiality in arbitration.
However, both parties should take care to protect trade secrets, sensitive financial information, work product, and attorney-client privilege communications within the arbitration itself to the maximum. For instance, you can specify confidentiality provisions in arbitration agreements at the initial phase, such as:
Confidentiality obligations of third parties – All third parties involved in the arbitration must sign a confidentiality undertaking in order to maintain the statements, the proceedings and the final award confidential.
- Confidentiality requirements for documents – This is to ensure all documents exchanged and business secret discuss in the arbitration is non-closure or to avoid distribute or publish to public.
- Choice of governing arbitral law – It works as protection shield to avoid distribution and disclosure of documentation during the process of arbitration.
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