Advantages of arbitration
1. Cheap –it costs less to see a case through arbitration
2. Flexibility –arbitral tribunals are not bound by previous awards or strict rules of procedure.
3. Speed –it is a faster method of dispute resolution
4. Convenience –parties are free to determine the venue, language and timing of arbitral proceedings.
5. Informality –free from legal technicalities which characterize ordinary courts.
6. Privacy –arbitral proceedings are conducted in private free from undue publicity.
Or
• When the subject matter of the dispute is highly technical, arbitrators with an
appropriate degree of expertise can be appointed (as one cannot "choose the
judge" in litigation)
• Arbitration is often faster than litigation in court
• Arbitration can be cheaper and more flexible for businesses
• Arbitral proceedings and an arbitral award are generally non-public, and can
be made confidential
• In arbitral proceedings the language of arbitration may be chosen, whereas
in judicial proceedings the official language of the country of the competent
court will be automatically applied
• Because of the provisions of the New York Convention 1958, arbitration
awards are generally easier to enforce in other nations than court judgments
• In most legal systems there are very limited avenues for appeal of an arbitral
award, which is sometimes an advantage because it limits the duration of the
dispute and any associated liability
raphael answered the question on April 17, 2018 at 19:06
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