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Arbitration is one of the forms of resolving disagreements between the two contracting parties, where the parties submit their dispute for resolution to an arbitrament tribunal consisting of one or three independent arbitrators appointed by or on behalf of the parties.
Due to the existence of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention), up until April 2018, an arbitrament award is enforceable in more than 159 jurisdictions around the globe.
Under the BIArb Arbitration Rules, the dispute resolution is programmed to commence and end within a specific time frame. The rules provide for an effective appointment of arbitrators. In BIArb arbitration, scrutiny is the key factor ensuring that arbitral awards are of the highest possible standards and thus less vulnerable to annulment in the courts than they might otherwise be. This distinctive quality-control method makes BIArb arbitration the most consistent arbitration system.
Under the BIArb Arbitration Rules, the dispute resolution is programmed to commence and end within a specific time frame. The rules provide for an effective appointment of arbitrators. In BIArb arbitration, scrutiny is the key factor ensuring that arbitral awards are of the highest possible standards and thus less vulnerable to annulment in the courts than they might otherwise be. This distinctive quality-control method makes BIArb arbitration the most consistent arbitration system.
Impartiality and Flexibility: The parties are free to appoint an independent arbitrator of their choice to form a neutral tribunal. Apart from that, they are free to agree on the procedure they wish to apply to their arbitration. Read more
Time and Cost-efficiency: As opposed to litigation in a court or tribunal, resolving a dispute through arbitration may often be faster and cheaper because of its flexibility.
Confidentiality of decision/without prejudice: Arbitrament hearings are conducted in private, and awards are, apart from a few exceptions, not published. As such, the dispute between the parties remains private so that the parties can continue their relationship.
Enforceability: Pursuant to the New York Convention, which is signed by more than 159 countries worldwide, an arbitrament award can be enforced in any signatory country, i.e., each of the Convention parties undertakes to recognize and enforce arbitral awards made in other signatory countries.