The Arbitration Process
An Arbitration will typically include the following main processes:-
- Notice of Arbitration
- Response to the Notice
- Selection of Appointing Authority
- Selection and Appointment of Arbitrators and agreement on number of Arbitrators
- Selection of Arbitral Rules
- Arbitral Proceedings – Information exchange – Statement of Claim and Statement of Defense
- Hearings
- The Award
- Payment of Arbitration Expenses
- Payment of Arbitrator Fees
Notes:
a. The TIPC Arbitration Rules can be used in both Ad Hoc and Institutional Arbitrations. They provide a comprehensive set of procedural rules for the conduct of arbitration proceedings.
b. Time and Cost Efficiency
- The Claimant submits a Statement of Claim to the Arbitral Tribunal, which includes the specific relief being sought, the documentary evidences and the material circumstances based on which the claim is being made and on which the claimant relies.
- The Statement of Claim is sent to the Respondent.
- The Respondent submits its Statement of Defence, which will include the following:-
- Any objections concerning existence, validity or applicability of Arbitration Agreement;
- Statement, whether, and to what extent, the Respondent acknowledges or rejects the relief being sought by the Claimant;
- The material circumstances on which the respondent relies;
- Any counter-claim or set-off and the grounds on which they are based;
- The documentary evidences on which the Respondent relies.
c. Both parties – Claimant and Respondent are allowed to make counter responses of claims and defence to supplement their respective cases , until all parties are satisfied that all evidences have been submitted, facts and material circumstances have been disclosed.
d. The Arbitrator will scrutinise all the facts, material circumstances and documentary evidences and will thereafter summon the parties to a Hearing. The Hearing date and time will be confirmed by the Arbitral Tribunal in consultation with the parties.
e. After the Hearing, the Arbitral Tribunal issues the Award which is final and binding on the parties. By agreeing to arbitration, the parties undertake to carry out any award without any delay.
f. Payments for Arbitration Expenses and Fees are applicable in line with TIPC Schedule of Arbitration Costs