When the dispute occurs, arbitration is considered as the best dispute resolution method for both the parties. If two parties are involved in the dispute then either party is at liberty to issue a notice of dispute. The notice of dispute need only make mention of the fact that there is a dispute or difference, although many lawyers like to set forth the basic framework for the dispute.
In the absence of arbitration agreement, the parties are required to refer the matter to the nominating body whereas numerous arbitration clauses specify that the parties can agree upon an arbitration lawyer. In arbitration, the nominating body may be the ICC, SCC or another arbitral institution. The body that is nominated in the contract is the body that chooses the arbitrator.
You can choose an arbitration lawyer or a group of three arbitrators, which increases costs significantly. An arbitrator will require funds to be placed in trust prior to the crystallization of his or her appointment upon accepting an engagement. The monies are normally placed in an account held by the nominating body. Once the monies are placed in the account, the arbitrator will write to the parties and order them to come to a directions hearing, where the procedure to be followed in the case is discussed.
The rule is that lawyers are engaged as advocates for the disputants and, at the initial directions hearing, a synopsis, and description of the issues that define the conflict will be presented. The process is then very much reminiscent of the courts. The arbitrator in cohorts with the advocates will typically make different types of orders.
To learn more, get in touch with Aceris Law’s ICC Arbitration Lawyers Desk – a dedicated team of lawyers accompanies clients involved in arbitrations concerning ICC, i.e., where the arbitration is organized under the auspices of or administered by ICC. To learn more, feel free to visit https://www.acerislaw.com.
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