Our office provides representation for our clients before international and domestic arbitration bodies and assists them in drafting contracts that include arbitration clauses.
Arbitration, as a method of dispute resolution, is a straightforward process that saves time compared to disputes that go through the regular legal system. Additionally, it allows the parties to apply the contract’s governing law, making the agreement paramount in determining all issues related to it.
Arbitration holds a significant place in settling disputes in international trade, as it ensures fairness and impartiality outside the framework of a state’s judicial system. Friendly dispute resolution mechanisms such as mediation, conciliation, and expert determination also play a crucial role in ending disputes before resorting to arbitration. To achieve the desired outcomes of arbitration, it is crucial to draft the arbitration agreement precisely and follow specific procedural steps from the inception of the dispute to the first arbitration proceedings and even the issuance of the arbitral award. Moreover, arbitrators should possess certain skills to manage the arbitration process effectively and should be trained in the art of drafting arbitral awards.
The importance of this concept is evident in the current global trend of increasing reliance on arbitration, both institutional and ad hoc, as the preferred and efficient method of resolving commercial disputes and investment disputes. Arbitration offers several advantages, such as speed, effectiveness in resolving disputes, maintaining confidentiality, ensuring justice, and protecting rights. Moreover, attention is shifting towards friendly means of dispute settlement (conciliation, mediation, expert determination) after their significant contribution to ending some long-lasting disputes that were initially brought before regular courts or arbitration. These methods are no longer considered alternatives but have become legitimate ways to initiate dispute resolution.
