Wildpeak

Arbitration is a method for parties to resolve disputes in a binding, final and private manner.  An impartial tribunal of one or more arbitrators, agreed upon by the parties, decides the resolution and award, which is enforceable in over 145 countries. For arbitration to be an option, an arbitration clause should be included in the contract made between the parties involved.

The entire process (dispute, related documents and resulting award) is kept private and will not become part of public (and published) reords. This is most advantageous to disputes which may involve intellectual property.

Arbitration rules are simpler and more flexible than court rules, with the Parties able to agree on the process and the documents to be disclosed. Given the flexibility of procedures, arbitration is potentially more expedient than court litigation. Since arbitration decisions usually are final, the absence of appeals ensures a faster final resolution.

Parties can give their input during the selection of arbitrators to ensure that the tribunal understands the commercial context and relevant issues of the dispute and has a well balanced set up.

With the 1958 New York Convention, enforcing arbitration awards worldwide is much easier and effective than that for national court judgments. Arbitration awards can be enforced against the counter-party’s assets which are in any of the countries signatory to the Convention.