Commerce & Finance Law Offices navigate the most important aspects for the client to consider in the arbitration process
In modern commercial disputes, arbitration is often preferred over litigation by parties in large and complex transactions. Reasons include efficiency and economic advantages brought by the arbitration’s system of a single and final award, and, more importantly, the fact that the parties have a say in selecting arbitrators. Compared to litigation where judges are assigned by the court and parties have little room to comment, in arbitration parties are free to choose who hears their dispute instead of being at the mercy of God. As early as 1907, the Hague Convention for the Pacific Settlement of International Disputes has a precise description of the arbitral tribunal, which is the ‘judges of their own choice’. Needless to say, selecting the right arbitrator is the key to getting off to a good start in arbitration.
