Arbitration
Arbitration is a private and legally binding form of dispute resolution. This means the decision, including any financial aspects or compensation remains confidential. When entering into arbitration, the parties can decide whether they will each bear their own costs or agree that the breakdown and award of costs should be determined by the arbitrator.
It is a very flexible method of resolving disputes as the parties involved have significant control over how it is carried out. Generally, the process involves a single arbitrator although it is possible to have an arbitration panel if appropriate and agreed by all parties involved. This may be relevant if several specialist areas are involved in the dispute.
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Katy Manley
Consultant -
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What is Arbitration and How Does it Work?
Arbitration is usually quicker than court-based litigation and is therefore often a less expensive way of resolving an issue. Parties can choose the arbitrators they use meaning they can select individuals with specialist knowledge of the area the dispute relates to. Details of the arbitration are also kept private which is often appealing for commercial reasons.
Arbitration is contract-based and there may therefore be specific elements set out which need to be followed. The process will involve a number of different steps in order to achieve a resolution to the dispute including meetings between both parties, issuing formal notices and drafting written submissions before a hearing and award by the arbitrator(s).
The decision from the arbitration panel is final and cannot be referred to court for appeal unless there has been an error made in terms of legal principle or facts.
For advice on how to settle your dispute and ensure that the matter is resolved quickly, smoothly and with the best outcome for all parties involved, contact a member of the BPE Litigation team.
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