International arbitration is a procedure that is followed to solve the dispute between two parties and especially very beneficial in case of international contracts. If you choose traditional court to solve your disputes then you may have to wait in a long queue for your turn with extra charges. This process saves lots of time and money of both the parties. Here some of the key points of international arbitration benefits are given:-
- Easy enforcement: The international arbitration can be easily enforced internationally. The court judgment is only applicable in the countries where there are reciprocal arrangements of enforcement. That’s why it is an obvious choice where national court judgment enforcement is not possible.
- Confidentiality: In traditional courts, the proceedings are public and if the companies want to protect trade secrets and commercial practices then international arbitration can be the choice. However, it is important for both the parties to agree on the proceedings in private and if any one of the parties doesn’t agree then it will end up publicly in court.
- Choice: The parties get the choice to choose country, city and venue where they want to do the proceedings. In addition, they can also choose the arbitrator by themselves.
- Final decision: The decision made in the proceeding will be the final decision and parties can’t appeal to the court. This will save time of both parties, as no one would be allowed to appeal in court for further proceedings. In very few exceptional circumstances, they are allowed to go to court.