Arbitration requires parties who disagree about an issue being willing to settle their differences outside the courtroom. To do so, both sides have to agree to submit the dispute to independent arbitrators and, then, agree to abide by their decision. To work out whether arbitration could be to your benefit, especially in cross-border cases, consult TEN today.
TEN can provide comprehensive advice on arbitration or others form of alternative dispute resolution, including:
- Estimated costs of arbitration, mediation and conciliation, compared to litigation in the courts
- Assistance with discovery and preparing binding statements
- Enforcement of arbitral awards
- Consultancy about the advantages and disadvantages of arbitration versus binding advice
- Advice about different national arbitration bodies, other arbitral organisations and international arbitration
Rather than submit international trade disputes to national arbitration bodies, parties can agree to follow United Nations’ UNCITRAL Arbitration Rules. Arbitration is also offered by, among others, the International Court of Arbitration, operated by the International Chamber of Commerce, in Paris and the London Court of International Arbitration.