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The main purpose of arbitration

The main purpose of arbitration

by Ovi Saha -
Number of replies: 0

The main purpose of arbitration is to provide an alternative method for resolving disputes outside of traditional court litigation. Arbitration offers several advantages, including:


1. Efficiency: Arbitration proceedings are often faster and more streamlined than court litigation, as they typically involve fewer formalities and procedural delays.


2.Flexibility: Parties have more control over the arbitration process, including selecting the arbitrator, scheduling hearings, and determining the rules and procedures to be followed.


3.Confidentiality: Arbitration proceedings are usually private and confidential, offering parties greater privacy and discretion compared to court proceedings, which are generally open to the public.


4. Expertise: Parties can choose arbitrators with specific expertise or experience relevant to their dispute, ensuring that the decision-makers understand the technical or specialized aspects of the case.


5.Enforceability: Arbitration awards are generally enforceable in the same manner as court judgments, providing parties with a means to compel compliance with the resolution reached through arbitration.


6. Cost-effectiveness: While arbitration may involve certain costs, such as arbitrator fees and administrative expenses, it can often be more cost-effective than prolonged court litigation, especially for complex or high-value disputes.


Overall, the main purpose of arbitration is to offer parties a fair, efficient, and impartial method for resolving their disputes outside of the traditional court system, while also promoting finality and enforceability of the resulting decisions.