For alternative dispute resolution in the UK and abroad, companies can turn to commercial arbitration rather than pursuing potentially expensive litigation through the court system.
If you have a dispute for which commercial arbitration might be the most suitable method of pursing a settlement, Annecto Legal can put you in touch with the right legal experts to help you decide upon the best course of action.
What is commercial arbitration?
Disputes are resolved outside the court room through an Arbiter – one or more people agreed upon by both parties elected to hear both sides of the argument and come up with a resolution.
Arbitration may be either mandatory (stipulated in a contract that the parties have already agreed to) or it may be entered into voluntarily. The decision of an Arbiter can be either binding or non-binding, depending on what has been agreed in advance. A binding decision cannot usually be appealed and if necessary can be enforced by the Courts.
Non-binding arbitration is really quite similar to mediation because no decision can be imposed on the parties. The key difference in this scenario is that with any non-binding arbitration the arbitrator is detached from the settlement process. Their role is simply to determine liability and an indication of the amount of damages payable (if appropriate). A mediator, on the other hand, should try to help the parties find a compromise in the middle ground.
If arbitration is not stipulated in a contract as the preferred method of dispute resolution, it can still be chosen by the parties once a dispute has arisen. Either way, placing matters in the hands of specialist makes it an attractive method of commercial dispute resolution, especially when it comes to highly technical and complex disputes.
Benefits of commercial arbitration
Other benefits include greater party autonomy, more input into proceedings and flexibility as to how your situation is resolved. Commercial arbitration is also typically a much faster route to resolution than court proceedings.
One of the key attractions of arbitration as a means to settle disputes is that everything can remain private. Conversely, when parties go to court, all information disclosed can be placed on the public record. When sensitive commercial information is being discussed, there are obviously huge benefits to this kind of privacy.
Alternative funding methods are available for arbitration just as they are for commercial litigation. Annecto Legal accesses over a dozen providers of commercial arbitration funding and can help you get the best deal for your case. If necessary, we can also recommend specialists in the particular area of law that you need, as well as lawyers that bring knowledge of your sector such as: automotive, finance, energy, healthcare, transport, mining, real estate or another discreet sector.
Would you like to talk through your requirements, or find out more about our services in relation to alternative dispute resolution and arbitration? Click here to discuss your options with a specialist from Annecto Legal and make sure you give your case the best chance of success.