Although it is not necessary to do so, parties often agree to refer disputes to arbitration in accordance with the rules of a specific arbitration institution such as the International Chamber of Commerce or London Court of International Arbitration.
There are various advantages in using arbitration to resolving business disputes. Key benefits are speed and confidentiality. The process is more flexible than Court proceedings and less formal and so can result in considerable savings in costs. The right of appeal is very limited. Small disputes can be dealt with on paper without a hearing.
Arbitration is of particular importance for companies and businesses who have contractual relationship with clients, customers, suppliers and parties who are based in other jurisdictions. Specific benefits include:-
There are currently regulations in place that govern disputes that arise between parties who are based in different EU member states. However, it is not clear whether those regulations will continue to operate post-Brexit.
How Gorvins can help
Gorvins are able to advise you as to the most appropriate dispute resolution mechanism to be included in your Terms and Conditions or in a specific contract. A simple clause can reduce the risk of having to waste significant time and money seeking the resolution of a dispute and give you greater certainty as to the ability to enforce an award in your favour.
Where a dispute does arise we have the necessary skills and expertise to ensure the best possible outcome for you.
To speak to our arbitration solicitors, call 0343 507 5151, e-mail email@example.com or complete our online contact form.
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