What is Arbitration??
Arbitration is a consensual private dispute resolution process that parties may opt for, in lieu of going to court. An Arbitration process has to be consensual as the parties need to agree to submit their dispute for resolution to an arbitral tribunal, typically composed of one or a panel of three independent arbitrators, appointed by or on behalf of the parties.
An arbitration is normally conducted in accordance with the terms of the parties’ arbitration agreement or arbitration clause, as specified in the provisions of a commercial contract. However, parties may separately agree and opt for arbitration following a dispute in the execution of a contract.
An arbitrator’s role is similar to that of a judge, being responsible to manage the proceedings to ensure the parties to the dispute have a reasonable opportunity of presenting their case. Arbitration is widely acknowledged for its procedural flexibility, which enables parties to engage in a confidential, effective, efficient and fair resolution process leading to a final, binding and enforceable award.
Arbitration awards are enforceable in over 150 countries around the world due to the application of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (The New York Convention)