What is the advantages of arbitration?

Nội dung bài viết

First, arbitration is flexible and independent of the court. During the process of arbitration proceedings, parties are free to appoint arbitrators and agree upon the procedure of the arbitration, such as language of the arbitration, place of the arbitration, applicable law, ect.

Second, arbitration is able to protect trade secrets and confidential information of the disputes as dispute resolution sessions shall be conducted in private, and the arbitrators are obliged to maintian the confidentiality of the disputes.

Third, arbitration proceedings are less expensive and much faster than court proceddings because (i) arbitration procedure is simpler than that of the court; (ii) parties are free to select arbitrators with geographic and relevant experience to the dispute; and (iii) the arbitration awards are final, which means that appeal regarding the content of the award is not permitted.

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