Advantages

The advantages of Arbitration include the following:

  • The parties concerned may designate persons of their choice as arbitrators
  • The parties may determine the procedural rules themselves;
  • Arbitration proceedings are judicial proceedings which are mostly settled quickly;
  • If there are documents in a foreign language, it helps a lot if no translations are needed;
  • Where a decision is reached in an arbitration court, there can be no appeal or revision, thus significantly shortening the whole process.
  • Arbitration proceedings are confidential, and so they are particularly suited in certain matters.
  • The regulatory framework is largely harmonized internationally, with the result that the parties have a good knowledge of what to expect in international legal relations.
  • Such procedures achieve a high degree of acceptance by the parties con-cerned.

These benefits also apply to Mediation, Conciliation and Adjudication.