Arbitration is the out-of-court resolution of a dispute between parties to a contract, decided by an impartial third party (the arbitrator) - This process is faster and more cost effective than litigation.
Commercial contracts will commonly include provision for how disputes relating to that contract are to be resolved. If the parties choose arbitration, the arbitration agreement will generally be part of the document recording the terms of the commercial transaction.
Parties can also enter into an arbitration agreement after a dispute has arisen. One of the attractions of arbitration is that it is typically easier to enforce an award in another country than it is to enforce a court judgment. The arbitration agreement will determine key elements of the process.
All these factors can have a significant effect on the time and cost of the arbitration. So, if you are considering entering into an arbitration agreement, come in, call or email firstname.lastname@example.org to speak to one of our experts.