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Arbitration Proceedings
Arbitration proceedings are an efficient way of settling business disputes
as an alternative to court proceedings. In arbitration proceedings disputes
are settled quickly and with expertise. Arbitration proceedings are used
especially in the business community. The procedure can be applied only to
disputes which can be settled between the parties.
The parties may, for example in a written arbitration agreement or in the
Articles of Association, agree that any disputes arising between them shall
be settled in arbitration. Arbitration clauses defined by contract are generally
used for example in shareholder agreements, consulting, distribution and
agency agreements. The settlement of the case by the Arbitral Tribunal is
final. The arbitral award is directly enforceable in same way as a final
judgement by a court of law.
In addition to confidential proceedings, it is an advantage of arbitration
that the arbitrators have the special expertise necessary to settle the disputes.
The parties may agree on the number of arbitrators. On the other hand, the
parties cannot influence the selection of the arbitrators when they are appointed
by the Arbitration Institute.
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