How arbitration can help
Arbitration is a way of resolving commercial disputes.
An impartial outsider is appointed, known as the arbitrator, to make a decision based on all the issues and evidence.
It has become a popular way for settling all kinds of commercial disputes, including those involving competition and intellectual property rights.
Written into a contract?
You might already have it written into your contract that disputes should be referred to arbitration. If not, you can put it in writing as how you wish to settle a commercial dispute.
Appointing an Arbitrator
One of the advantages of arbitration is that the arbitrator can be almost anyone. This allows you to appoint someone with an industry background and technical expertise which will benefit your case.
If both parties canít agree on an arbitrator, the Institute of Arbitrators or another body may be able to appoint one for you.
Flexible, confidential and binding
Arbitration offers a good level of flexibility and helps both parties to have a fair share of voice. The process is also confidential, making it an effective way of resolving a complex or sensitive commercial dispute.
Once you have come to an agreement, the result is final and binding and usually canít be appealed to a higher level court.
While the arbitrator doesnít have to be a lawyer, it is a good idea to seek legal advice. Commercial arbitration can be very complex.
This is especially true if the parties are based in different countries as you will be dealing with different laws.
Added complications can occur if there are a number of different arbitrations going on at the same time relating to the same case. They canít be brought together, which could result in several, inconsistent outcomes.
A cheaper option?
Although arbitration can be a faster and cheaper option than litigation, this isnít always the case. In some circumstances it can prove to be just as costly in terms of both time and money.
Let us help
For more information about arbitration and how to settle a commercial dispute, please contact Daniel Zakis or Alison Willis on 0121 705 7571.
Or email firstname.lastname@example.org or email@example.com
This article is for general information purposes only. It does not constitute technical, financial, legal advice or any other type of professional advice and is no substitute for specific advice based on your individual circumstances. We do not accept responsibility or liability for any actions taken based on the information in this article. For more information, please click here.