International arbitration is an alternative legal law system for handling the disputes that are invoked the business transactions cross-border. The litigation sometimes is not a preferable way to resolve the conflicts due to the aspect of privacy, time, cost etc.
However, what makes the international arbitration so popular for resolving the disputes of international trade or commercial?
- The ability of control over the procedure
This is one of the most important features of international arbitration. Both parties have the right to select their preference arbitrators or arbitrator panels. Moreover, they have the freedom to choose which procedures to be followed depends on their case either institutional arbitration or ad hoc arbitration.
- The ability of selecting the experts
The parties have the right to choose experts which are professional and experienced as well as familiar with the invoked industry field. For example, you might need to hire a Construction Arbitration Lawyer if the disagreement is arisen in construction industry.
- The procedure is privacy and confidential
The hearing of arbitration is not public, it is private in which only parties invoked with their arbitrators, witnesses, and translators can be attended. The documentation and information exchanged as evidence must be kept confidential till the maximum.
- The procedure is less time consuming
As compared to the long and lengthy procedure of litigations, international arbitration can be considered as fast process if both parties have the mutual agreement at the initial phase. Thus, the final verdict can be provided within the time period.
- Cost of arbitration can be estimated
With the help of specific arbitration calculator provided, both parties can get to know the estimated cost of arbitration. Both parties have to pay for the fee of arbitrators, the costs of hearing facility, the fee of administrator etc. but it is less cost than a procedure of litigation.
Looking for hiring a Construction Arbitration Lawyer, you can visit https://www.aceris.com