International Arbitration
Arbitration is the favored dispute resolution procedure in cross-border commercial deals, providing the benefits of confidentiality, efficiency, finality, industry-specific expertise and neutrality. One of the most attractive benefits of arbitration is that the entire process can be tailored to fit the wishes of the parties and the dispute at hand. International arbitration avoids the appearance of impartiality of a national court system towards one party, and provides for enforceability in 172 nations.
Streamlined and Flexible
International arbitration, by design, is a dispute resolution mechanism based on the consent of the parties and the entire process is governed by the agreed upon terms of the parties. It allows parties to customize the proceedings, while also ensuring finality so the parties can rely on the resolution without worrying about multiple appeals processes. Further, it accommodates the aspects of each parties’ legal traditions and reduces costs and legal fees.
Industry-Specific Experience
International arbitration offers parties the opportunity to have disputes decided by arbitrators with the specific commercial experience and expertise in the field that the dispute requires. Judges in national courts often do not have the experience or the time needed to properly resolve complex commercial disputes.
Procedural Flexibility and Limited Disclosures
International arbitration offers parties flexibility in regard to the discovery tools that will be available to the parties. Document exchange and disclosures vary significantly across jurisdictions and arbitration offers parties the flexibility to choose the applicable evidentiary and procedural rules that suit their needs.
Confidential and Private
Arbitration is a private dispute resolution mechanism, and unlike traditional litigation, proceedings are closed to the public. Parties can also agree to conduct the arbitration confidentially, which can be a major benefit where the dispute involves commercially sensitive matters by minimizing or eliminating publicity about disputes.
Emergency and Interim Relief
Most major international arbitral institutions offer parties the ability to seek emergency relief prior to the formation of tribunal, and interim relief prior to the final award. Such emergency and interim relief may avoid the need for the parties to seek emergency relief in the national courts.
Enforceability
International arbitration awards benefit from broader enforceability than a final judgement from national courts. As a general rule, arbitration awards can be enforced in any country that has adopted the New York Convention. As the United States is a signatory to the New York Convention, awards issued in Chicago can be enforced in other signatory countries.
Efficient Resolution
Commercial arbitrations are generally completed within 18-24 months. If the parties wish, they can agree to an even more expedited timetable. On the whole, arbitration proceeds at a much faster pace than litigation in the national courts so that parties achieve a final resolution of the dispute on the merits in less time.
Why Chicago
A World Class Arbitral Seat
Contact Us | contact@chiac.org