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International Arbitration Law : Assignment

   

Added on  2020-05-16

4 Pages399 Words55 Views
Running head: INTERNATIONAL ARBITRATION LAWInternational Arbitration LawName of the StudentName of the UniversityAuthor Note

1INTERNATIONAL ARBITRATION LAWActivity 1The benefits associated with arbitration as per its significance to most clients are explainedbelow:Speed of decision-making- The speed of the arbitration process is considered as the main reasonto select arbitration over litigation. The restricted right to appeal in arbitration eliminates thetime-consuming appeal process that results in delay of final adjudication. Thus, it can prove to bea shorter process than litigation to resolve disputes1. Costs – Arbitration is less expensive than court litigation owing to the constricted process ofcompleting any discovery and trial. In litigation pre-trial processes, appeals involve significantexpenses that cause financial hardships to the parties to the dispute. Procedural flexibility- the procedural and statutory rules mainly exercises control over thelitigation process in courts. Although the parties to a dispute seeks arbitration to resolve disputes,they may incorporate provisions within the concerned construction agreement or any mutualagreement to establish rules that restricts the interrogation of witness and exchange of documentsprocess before hearing, thus, enhancing procedural flexibility to the parties to the dispute. Limited appeal rights- Arbitration restricts limited appeal rights as an arbitration award isconsidered binding and final even if the arbitrator has erred in resolving the dispute based onmistake of law or fact. Unlike arbitration, litigation process allows review of decisions of courtsin case judges commit mistakes by law or fact.1 Carbonneau, Thomas E. Cases and Materials on Arbitration Law and Practice. West Academic Publishing, 2015.

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