Important characteristics of arbitrator business:
- Some of the principal characteristics of the arbitrator business are:
- Arbitration is consensual
- Parties choose the arbitrators
- Arbitration is neutral
- Arbitration is a confidential procedure
- Decision made by the arbitrators is final and easy to enforce
- Time and cost
Benefits of arbitration business:
- Arbitration can take place if both the two parties have agreed to it. In case of future disputes arising, a party cannot withdraw from arbitration.
- The parties can select a sole arbitrator together. Neutral arbitration allows to ensure that no party enjoys a home court advantage.
- Arbitrator business specifically protects the confidentiality of any disclosures made during the procedures.
- Arbitrator business allows the parties to agree in carrying out the decision without delay.
- Parties are able to choose important elements such as the law applicable, language and the venue of arbitration.
- Parties can choose to have a slow and thorough arbitration or a fast and economical arbitration.
- Speed, efficiency and costs are usually considered important.
Quality of the services offered by arbitration business:
- The services offered by arbitration business depends entirely on the parties.
- The services can range from simple appointment of a default arbitrator into full supervision.
- The services monitor from the beginning to the end of the proceedings.
- The cost of the services provided by the business arbitration services and the method by which it is calculated are important.
- Business arbitration services is a flexible one.
- Consensual process of resolving business disputes in a binding and enforceable manner.