{"id":3570,"date":"2022-06-03T04:12:18","date_gmt":"2022-06-03T03:12:18","guid":{"rendered":"https:\/\/legalvision.co.uk\/?p=3570"},"modified":"2023-11-12T22:10:03","modified_gmt":"2023-11-12T22:10:03","slug":"arbitration-5-key-points","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/disputes-litigation\/arbitration-5-key-points\/","title":{"rendered":"5 Things to Know About Arbitration in England and Wales"},"content":{"rendered":"\n

As a business entering into a dispute<\/a>, it is important to consider the options available to you before you begin formal proceedings. Aside from litigation (formal court proceedings where you argue your case before a judge), you can use alternative dispute resolution methods. One option is arbitration. Arbitral proceedings are similar to litigation in a number of ways but take place before an arbitrator within an independent tribunal. This article will outline what arbitration involves, highlighting 5 key points about it that you should know prior to making a decision about your preferred dispute resolution method.<\/p>\n\n\n\n

What is Arbitration?<\/h2>\n\n\n\n

Arbitration is a way of resolving a dispute without going to court. Usually, both parties agree to appoint a panel of arbitrators. These arbitrators will make a binding decision on the matter. Some contracts may require you to use arbitration to resolve your dispute – this is when your contract has an arbitration clause<\/a>. <\/p>\n\n\n\n

Arbitration can be ad hoc, where you and your opponent will agree as to the rules of the process. Alternatively, proceedings can be administered, where your arbitral proceedings are overseen and governed by the rules of a formal arbitral organisation (such as the Singapore International Arbitration Centre, the International Chamber, or the London Court of International Arbitration<\/a>). The key points you should know before entering an arbitration are outlined below.<\/p>\n\n\n\n

1. Costs and Time<\/h2>\n\n\n\n

First, the costs of arbitration are calculated in a different way than litigation. In arbitral proceedings, you and the other party will appoint an independent arbitrator together. You will then pay the arbitrator, typically by the hour. The hourly rate can vary depending on a number of factors, including the arbitrator\u2019s expertise, the complexity of the case, and the number of expert witnesses you might need for the case. <\/p>\n\n\n\n

You will then also pay for registration fees, administrative fees, and tribunal costs. In the end, the arbitrator will make an arbitration award, which the losing party will pay to the successful one. Once the arbitrator makes the award, it is usually binding, which means parties cannot appeal against it. <\/p>\n\n\n\n

In comparison, litigation leads to a court judgment that either party can appeal. Additionally, the process of beginning your case through litigation can take longer due to court procedures. As arbitration is a private dispute resolution method, you can often structure it around your own schedule. As a result, arbitration is usually more cost and time effective than litigation. <\/p>\n\n\n\n\n\n Continue reading this article below the form\n <\/i>\n<\/a>\n

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