Commercial arbitration remains the preferred dispute resolution procedure for international transactions.
The courts have held that the purpose of the Arbitration Act is to allow parties to agree to have disputes determined by arbitration rather than in court. Most types of commercial disputes can be arbitrated.
The principal advantages of arbitration can include:
• Greater certainty about the enforcement of awards.
• Avoiding the specific legal systems/national courts of certain jurisdictions.
• Flexibility in terms of the procedure.
• The ability of parties to select arbitrators.
• Confidentiality.
• Limited grounds for challenges and appeals.
Boyd Carter is an Arbitrator and member of the Chartered Institute of Arbitrators.
More information about arbitration can be found at: http://www.ciarb.org/policy/