This guide outlines how to resolve commercial disputes.<\/p>\n <\/div>\n \n\nDownload Now<\/a> <\/section>\n <\/div>\n\n\n\n\n If you are considering arbitration for your commercial dispute, there are some interesting considerations you may not be aware of. Knowing these factors can affect if you will use arbitration to resolve your dispute or select another form of ADR. We explain these considerations below. <\/p>\n\n\n\n You may be deciding if arbitration is the most suitable ADR method for your commercial dispute compared to forms such as mediation or conciliation. Alternatively, you may be thinking about court proceedings<\/a> as your preferred route. Regardless, you should know that arbitration for your commercial dispute can be mandatory and binding. This tends to occur if you have an arbitration clause in your contract with the other party, making arbitration the primary dispute resolution format. If so, you have no choice but to use this ADR method and give up your right to court litigation.\u00a0<\/p>\n\n\n\n Pros and Cons of Including an Arbitration Clause in Your Contract in the UKAlthough arbitration awards are legally binding, they are not directly enforceable<\/a>, unlike court judgements. Therefore, to enforce an arbitration award, you will need to go to court to do so. However, this can be a costly and time-intensive step, as it is likely the other party will fight your attempts to enforce it. Also, it can be easy for the other party to avoid enforcement of an arbitral award purposely. This is because arbitrators cannot usually enforce interim measures (interlocutory measures) against a party to keep the award enforceable whilst the dispute is ongoing. As such, if you are prioritising a certainly binding and enforceable solution against the other party, you should note this factor about arbitration. <\/p>\n\n\n\n Furthermore, arbitration is often the chosen form to resolve a cross-border or international commercial dispute. This is because commercial arbitration acts as a neutral mechanism. As each party is from a different country, if the commercial dispute is resolved in one of their countries, that party may have an advantage. Instead, parties to a commercial dispute can choose a country where the arbitration can occur. This location is known as the seat of arbitration<\/a>. An example of a popular location choice, or seat, is the London Court of International Arbitration (LCIA). <\/p>\n\n\n\n\n\n Continue reading this article below the form\n <\/i>\n<\/a>\nWhat Are Some Important Considerations About Arbitration for My Commercial Dispute?<\/h2>\n\n\n\n
1. Arbitration as Mandatory and Binding<\/h3>\n\n\n\n
2. Arbitration Awards Enforcement<\/h3>\n\n\n\n
3. Cross-Border Disputes<\/h3>\n\n\n\n
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- cheaper;<\/li>\n\n\n\n
- confidential;<\/li>\n\n\n\n
- quicker; and <\/li>\n\n\n\n
- more flexible.<\/li>\n<\/ul>\n\n\n\n
Commercial arbitration is where you and the other party appoint an arbitrator or panel of arbitrators as the tribunal for your commercial dispute. They will be experts in the area of dispute and, after listening to both parties\u2019 evidence, will make a decision. This is an arbitral award. <\/p>\n\n\n
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\n \n Guide to Resolving UK Business Disputes<\/div>\n\n