What is arbitration?

Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute.

In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.

-Arbitration is consensual

-Arbitration can only take place if both parties have agreed to it. In the case of future disputes arising under a contract, the parties insert an arbitration clause in the relevant contract.

-The parties choose the arbitrator(s)

-The parties can select a sole arbitrator together or, if they choose to have a three-member panel, they agree on these arbitrators as well. Alternatively, the arbitration center can suggest potential arbitrators with relevant expertise or directly appoint members.

-Arbitration is neutral

-Parties are able to choose such important elements as the applicable law, language, and venue of the arbitration. This allows them to ensure that no party enjoys a home-court advantage.

-Arbitration is a confidential procedure

-Protects the confidentiality of the existence of the arbitration, any disclosures made during that procedure, and the award.

-The decision of the arbitral tribunal is final and easy to enforce

Parties agree to carry out the decision of the arbitrator(s) without delay.