There are other options besides going to court, like mediation and arbitration. A conflict can be resolved through “without prejudice” economic dialogue through the process of mediation. The parties to a dispute agree to be legally bound by an impartial third party’s decision during an arbitration proceeding. Both types of alternative dispute resolution (ADR) have their perks and drawbacks, and the way that proves to be the most successful depends not only on the parties involved but also on the nature of the conflict.
We will provide a second opinion on the merits of your case and whether or not a settlement may be achieved without litigation if your case has already begun and you are concerned about the most effective strategy going ahead. At any point during your case, you can give us the instruction to advise you on alternate ways to resolve a disagreement, such as through discussion, mediation, or arbitration.
Suppose you are involved in a dispute that is mandated to be resolved through arbitration. In that case, the alternative dispute solicitors and barristers on our team have vast experience presiding over various arbitrations. We assist individuals, small and medium-sized businesses, and large corporations with competent advice on legal issues, from conflicts involving a single issue to high-value, complex cross-border disputes.
Our company is one of a kind because it is housed in a prestigious group of barristers’ chambers, where we have access to high-ranking QCs.
Here we are providing answers to some frequently asked questions.
Arbitration…what exactly is that?
An impartial arbitrator will make a final and legally binding ruling to settle a dispute between the parties involved in the arbitration. This kind of alternative conflict resolution is known simply as arbitration. The alternative to going to court is arbitration. To settle a disagreement, parties can avoid involving the judicial system.
The fundamental premise upon which arbitration rests is that all parties to a dispute must agree to submit that dispute to arbitration. This can be accomplished, for instance, through an arbitration agreement or a clause in a contract that relates to resolving disputes.
The benefits of using arbitration:
Arbitrators with an acceptable level of knowledge can be appointed to resolve disagreements in cases when the subject matter is extremely technical (for example, in construction disputes).
In most cases, the duration of the arbitration process is shorter than that of the legal proceedings (especially at the moment, with the courts experiencing delays due to COVID-19).
Arbitration might be less expensive and provide greater flexibility for businesses.
Arbitration results are typically not made public and might be rendered confidential if necessary (unlike in litigation, where judgments are publicly available).
It is typically far simpler to put an arbitration award into effect in another country than a court verdict.
If you are successful in the arbitration, the other party will have few options for appealing the arbitral judgment if it is handed down in your favor.
What are the most important distinctions that can be made between arbitration and litigation?
The cornerstone of arbitration is a contract and the rights and responsibilities of each party concerning arbitrate stem from the terms of the contract itself. Arbitration is founded on contracts.
The site of the arbitration procedures is up to the parties involved.
Appointment of the Arbitrator or Panel:
The parties to the dispute are the ones who will choose the members of the Arbitral Tribunal.
The most important aspect of confidentiality is that arbitrations are typically private.
The decision is definitive and cannot be challenged: in most cases, the decision of an arbitral tribunal is final and cannot be appealed (however, a court may set aside an award in exceptional circumstances).