While arbitration is still the most efficient and reliable dispute resolution mechanism that can be enforced with a binding and final effect, indications still show a need for a series of development in the system. More specifically, Arbitration development is not only focused on the system but also on the professionals that make the system workable.
Searching for viable Development opportunities in arbitration that improves the system is only possible if there are also outlined Development opportunities for arbitrators. Hence, the focus of modern-day development in arbitration is much more overarching with aims to ensure the growth and development of professionals and the system processes. This article will outline some of the areas where development is crucially needed in the system and its facilitators.
DEVELOPMENT OPPORTUNITIES IN ARBITRATION
Flexibility with Predictability
This is one area in that development is fully expected in arbitration. Users have always wanted a level of stability when it comes to arbitration so that they can be sure of what they are going into. Hence predictability is a serious factor that will enhance the development of arbitration. While there are set up guidelines that are general for arbitration procedures globally, practicing them always can help allay the uncertainties that users have when it comes to the system.
Also, the ability for arbitrators to also be flexible such that parties can also get to carry out hearings at their convenience is an area that will, without doubt, foster Arbitration development.
Technology
The whole essence of technology is to drive efficiency and save cost, and the belief among arbitration reformers is that these benefits can be channeled and use to vast effect in arbitration. The belief is that with technology, international arbitration can be brief and less time-wasting. Technology has been employed in several instances where arbitrary courts set up databases that allow parties in a dispute to upload relevant documents that help drive a solution.
Technology has also made cases much simpler as practitioners can arrange different cases and refer to them with just a click when dealing with new cases that have familiar learning.
Liability of Arbitrators
Arbitrators are more personal with reforms in this area because they express how much safety and rights they have after issuing awards. There have been unfortunate instances where arbitrators have been jailed for not ruling in favor of state powers, an obvious encroachment on the rights of arbitrators.
While it is possible for arbitrators to become biased due to human inclinations, reformers believe that necessary adjustments can tackle this issue.
DEVELOPMENT OPPORTUNITIES FOR ARBITRATORS
For areas of the arbitrators have conducted several independent Symposiums and try to pinpoint Development opportunities for arbitrators, especially for young and upcoming arbitrators, and some of the areas that have been widely targeted, including the following.
Diversity and Inclusion
One of the available Development opportunities for arbitrators is the issue of diversity and inclusion. One feature of arbitration is that most institution board usually comprises arbitrators that are in one way related to themselves. This is because recruiting firm usually depends on word of mouth and referrals from colleagues to select recruits.
While this is not exactly a bad thing as it helps arbitration institutions build trust among their board, it is to an extent detrimental to the development of young arbitrators who are desirous of growing in the field but do not have the necessary connections or senior colleagues that could refer them.
Currently, there are calls that institution firms should offer more diversity in their staffs’ selection as it offers young arbitrators that are currently unknown the opportunity to become great experts. Also, there is a belief that diversity inclusion in firms could make it easier for them to drive toward innovation as diverse recruit opens the possibility for creativity that could be helpful to arbitration in general.
Tasking Young Arbitrators with Low-risk disputes
Another area that could foster the development of young arbitrators is the introduction to disputes resolutions as they garner experience. Most symposiums have outlined the importance of putting young arbitrators into cases with low risks to garner experience. Emergency dispute is one area where arbitrators can garner needed experience as they will need to make decisions quickly while ensuring they are the right ones.
Conclusion
Arbitration has proven to be a flexible system and will continue to be so as more Development opportunities for arbitrators are created and harnessed. Arbitration development is critical to the efficiency and flexibility of arbitration. More than anything, professionals in the field seek that users and observers see the system as a very reliable and transparent body that they can trust and stick with.
However, for arbitration to reach the desired level, every person sees it as a justice system that is efficient, less costly, and straight to the point, a lot of development needs to be achieved. These opportunities must also be open to young arbitrators growing and developing into the field. This article is has outlined various methods and areas where arbitration development is needed, and emphasis must be laid on.
A couple of firms have been taking the lead and tapping harnessing the Development opportunities in the arbitration to make their system and process much more seamless and faster.
Rattsakuten is one of those firms treading the innovative path to make its process and style more efficient, transparent, and open to clients such that they can fully trust it. The institution has some of the best professional arbitrators that employ modern-day technology initiatives to help clients get the best out of a dispute without accruing more cost than is necessary. Clients can reach the firm for dispute-related issues, advice, and counsel, and other inquires.
About Rattsakuten
Rattsakuten is a leading law firm focused on Commercial Arbitration and Dispute Resolution. Based in Sweden, Rattsakuten handles dispute resolution and Arbitration matters before the SCC (Swedish Chamber of Commerce), ICC, HKIAC, and several other Arbitration tribunals.