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Advantages of arbitration proceedings

 

 

  1. Avoiding the jurisdiction of the courts of law, the parties submit the dispute to a private juridical body which they trust.
  2. The parties participate in the composition of the arbitral tribunal by the nomination of the arbitrators.
  3. The dispute is settled by a simplified procedure notified in advance to both the parties. They are entitled to amend and accommodate it to the characteristics of the dispute.
  4. The parties submit the dispute to arbitrators with a special expertise which the court of law does not always have.
  5. The speed is one of the greatest advantages of the arbitration. The procedure is of one instance. The cases are settled usually within 6 - 9 months.
  6. The arbitration awards are final , subject to enforcement and are stable, because they are subject to recourse only by a way of a court action.
  7. The arbitration procedure is cheaper . The fee is decreasing with the increase of the value of the action. The expenses for defence, experts, translators, etc., are paid only in one instance.
  8. The arbitration procedure is confidential and not public. So the arbitration is able to avoid deterioration of the relations between the parties.
  9. The restrictions for the international jurisdiction of the courts of law do not apply to the arbitration.
  10. The correct party to the contract is able to avoid the necessity, disadvantages, expenses and inequality to go to law abroad.
  11. As much as both the parties have submitted their dispute voluntarily to the arbitration it is more likely to keep their good business relations.
  12. The enforcement of the arbitration award abroad is ensured by the New York Convention to a greater extent than the enforcement of the decisions of the courts of law abroad.