International arbitration is an integral part of global business or transaction. Some specified arbitration clauses are essential to be inserted into a cross-border trade or commercial contract for resolving any disputes in future.
Perhaps, international arbitration is the most popular way to settle conflict of interest among international trading companies or organizations. By hiring an impartial third party as arbitrator for making an award which is fair and efficient to achieve a consensual during a disagreement had arisen.
You should consider of seeking some professional advice from LCIA Arbitration Lawyer where both parties agree that arbitration is preferable way than litigation in situation following:
- The dispute has arisen only between two parties and one of the parties feels uncomfortable by submitting the cases to litigation of another partner’s country which may consists of the chance of unfair or inequity.
- When both parties agree to hire an arbitrator or arbitration tribunal to save the cost and time of proceeding for avoiding any bad effect to the development of business.
- The business secrets or financial transactions must be kept confidential during the whole process of arbitration and non-disclosure.
- When both parties wish to have a final and binding award which is cannot be appealed after the completion of arbitration.
- The parties are unwilling the hearing of arbitration to be attended by public besides of witnesses, arbitrators, translators and the experts of particular industry field.
However, in some situation, the arbitration might not an appropriate way if one of the parties wishes to retain the right to appeal a decision or the case is very complicated which is invoked multiple parties. Then, the litigation is more beneficial than arbitration.
Any further question, you can visit the website: https://www.acerislaw.com/