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Arbitration Unlike
litigation, arbitration requires an agreement (arbitration
clause or submission agreement) between the parties.
That agreement defines the dispute or types of
dispute referred to arbitration, and usually identifies
the place or seat of the arbitration.
The agreement also contains the tribunal's mandate. It may also specify how the tribunal is to be appointed and,
expressly or by implication, the procedure to be adopted
in the proceedings. An
arbitration is heard in private, whereas at least some
part of a court action may be heard in public at the
trial or hearing.
The arbitral tribunal, the parties and their
representatives plus any witness required to give evidence
are the only persons allowed to participate in the proceedings
unless the parties and the tribunal agree otherwise. The
tribunal is expected to reach a decision and publish
it in the form of an award. An arbitral award made in one country is often enforceable
in another country. Key
Benefits
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