You might have heard of arbitration before, but do you really understand the whole meaning and processes behind it? The process behind it itself isn’t an easy one, hence why you need to at least have a basic knowledge about it. There are a few aspects that you need to get a hold of, especially in terms of the process, the venue, Seat of Arbitration, and many more. These are our main focuses for today and if you have an arbitration to attend, this post is made for you. You need to fully understand this before you step into the venue. So, let’s find out more about arbitration.
Alternative Dispute Resolution (ADR) refers to several methods for resolving conflicts without going to court. Arbitration is one method, as are other techniques such as neutral evaluation and mediation. The arbitration process would need both parties to come together and then agree to the conclusion made by the arbitrator. Arbitration is a private process with no public venue. As a result, no public arbitration has ever been held in history. Arbitrations, unlike other processes, are usually less formal because they do not take place in public venues.
Choosing a Venue for Arbitration
We are aware that arbitration is often private. That’s why you need to get a suitable venue for this matter. AIAC is the best for this and you will be guaranteed to experience the best session. A venue is where most of the procedures happen, including the witness hearings and other important processes. Choosing a strategic venue is important too because both parties have to be there, only the arbitration can begin.
Arbitration in Terms of Formality
Due to the fact that it is a private process, it can be considered a less formal event compared to other processes such as litigation. Litigation on the other hand is very formal because it usually proceeds in a courtroom. Courtrooms have laws that we need to abide by, hence the formality.
The Agreement Between Both Parties
Arbitrary is a process that is consensual, which means it needs an agreement for both parties before it can officially begin. They usually have a contract that consists of the agreement and depending on the content, one party can’t simply withdraw without solid reasons. If that ever happens, legal actions may be taken against the party.
Time Taken for Arbitration
You can apply for arbitration now and receive the result in three months. That’s how fast it is. The process can later be commenced and you can prepare everything you need before the day arrives. This is one of the advantages of arbitration if compared to another kind of process.
Making the Decision
Many people often go for arbitration if they want a process that promises you the result in a glimpse of an eye. If you are in need of justice instantly, arbitration is for you. The cost and the time was taken are perfect for you if you really are desperate to seek the truth.