In recent years, the trend of hiring an arbitrator or a law firm to resolve disputes in commercial agreements has increased. Several entities have started including arbitration when agreeing to the best dispute resolution practices to resolve their disagreements. Arbitration is a dispute resolution process which further means that when a dispute arises between the parties, the state will not interfere in the matter, but a third party will intervene and resolve the dispute. In this blog, find out what is the importance of international commercial arbitration and why you should choose it.
Arbitration is one of the most convenient ways of dispute resolution and is an excellent alternative to litigation. People choose arbitration to get greater control of their dispute resolution process that they do not get in litigation. That means the ease of enforcement makes it the best dispute resolution process today that is useful for solving disputes between foreign countries. Arbitration is a cost-effective approach to resolving disputes. Parties may agree to consult the arbitration session for a limited time with or without oral evidence. Arbitration takes fewer court proceedings, for a quick and convenient process. Thus, giving them flexibility throughout the process.
Arbitration is the modern method of resolving disputes in a range of industries. Today arbitration has become the primary means of resolving complex disputes. They seek arbitration institutes for resolving their individual cases. As per the China International Economic and Trade Arbitration Commission(CIETAC), its caseload increased in 2020 amounting to a total of $17.3 billion. Also, the number of international cases were increased to 739, compared to 617 in 2019.
Today arbitration is the most modern method of resolving disputes in a range of industries. It is one of the efficient methods of resolving a complex and transnational dispute. The above findings on the trend talk about the fact that there is an increase in the number of entities choosing arbitration. Since many businesses prefer arbitration as a suitable dispute resolution process, it is the best solution where parties do not agree on the particular jurisdiction. Here is why you need to choose arbitration resolution in Sweden.
Why Choose Arbitration Law Firm?
● Expertise – As per the United Nations, Conference on Trade and Development(UNCTAD) parties choose persons with specialized knowledge to judge their dispute that is unlikely when dealing with judges. Judges in state courts may lack the same degree of expertise when representing parties. Many engineers, architects, and lawyers may serve as arbitrators when dealing with cases related to specific industries.
● Flexibility – According to the International Chamber of Commerce, arbitration gives full control to parties when dealing with their dispute and reaching a conclusion. An arbitration process may be different in a sales contract than the construction arbitration of two companies in steel export.
● Fast and Cheap – Hiring a law firm to resolve a dispute is preferred as it is one of the fastest and cheap methods to resolve a dispute. Organisations can have other alternatives, but it is the best method to resolve issues between parties. , keeping lower costs and providing overall flexibility to parties where and when they want to resolve their case. Thus, providing speed, efficiency, and flexibility to the whole dispute resolution process.
● Quality – Arbitration provides better quality justice at cheap costs than many domestic courts. Without spending a lot of money and wasting time, you can get the final decision. Not only this, the process is quick and offers privacy also that gives a quality decision to parties.
Role of an Arbitrator
Unlike a judge in litigation, parties select an arbitrator. They can settle a dispute and conduct sessions to analyse evidence before making a decision. Keeping in mind the relevant laws and policies, an arbitrator will weigh up each party’s case and accordingly decide. Parties usually select an arbitrator as per their industry knowledge and expertise
An arbitrator will encourage parties to engage in healthy communication with a common goal to settle amicably. Arbitrator throughout the sessions acts as a mediator, facilitating peace proceedings and healthy discussions to settle. An arbitrator when applying the relevant laws and rules to the process will lead to a final decision or “award” that is binding. It restricts parties cannot appeal to the decision. Arbitration does not have special laws as to who can become an arbitrator. But, parties seeking arbitration need to choose arbitrators and law firms carefully.
You need to hire an experienced lawyer who has legal experience and comes from the best Commercial Arbitration Law Firm In Sweden. For hiring a lawyer, do not forget to find an undisputed leader in the industry. Contact us to solve a range of dispute matters today