Advantages of the arbitration service for firms
Arbitration is a process aimed at resolving controversies that emerge between different parties, avoiding the need to resort to court to reach a resolution.
Difficulties may arise in any firm that depends on an authority who assumes the responsibility of providing everyone with the most convenient solution. Regularly, firms opt for the arbitration service as their main option because of the neutrality of the exercise. Besides, it is flexible and can be complemented by other techniques such as mediation.
Both arbitration and mediation are forms of “alternative resolution of conflicto”, which means that they exclude traditional legal proceedings. We recommend you read our difference between mediation and arbitration entry to learn more about the topic.
Arbitration is usually a more rapid method for the resolution of controversies.
The arbitration process is conducted privately, and is carried out by non-partisan individuals, also known as arbitrators, who are capable of resolving these controversies. Through a mutual collaboration of the parties, it may be settled that a only one arbitrary interferes or a whole committee is formed. This may depend on the complexity of the disjunctive.
Advantages of the arbitration service:
The arbitration service is often used by firms that hold international contracts, which may reproduce into misunderstandings given specific national policies.
- Immediacy: It is an agile procedure in which the time dedicated to reaching a solution may be defined by both parties. Depending on the case’s particularities, the process may be adaptable and immediate.
- Non-partisanship: It is of paramount importance to have a neutral person serving as an intermediary in the accordance of a solution. This may prevent biased stances due to relationships with one of the parties, and it also provides more proper and just verdicts.
- Confidentiality: The process only concerns the parties involved, and respects the confidentiality between both. The outcome should not cause any public repercussions.
- Arbitral award: The arbitrator’s decision is known as the arbitral award, and it is based on objective norms that enable the obtention of an impartial and definitive resolution with the same value and legal power as a court ruling.
In QuAdrans law and finance we offer the arbitration service to support the resolution of any type of business controversy. We also provide themediation service to complement the former, if necessary.
