Clare Arthurs & Richard Marshall share an (almost) A-Z guide to arbitration
Arbitrators
Independent third parties, chosen either by the parties or the arbitration body, preferably also a specialist in the relevant area of dispute.
Binding
Arbitration awards are binding and final, with very limited grounds of appeal.
Confidentiality
Proceedings are conducted in private, and parties may not disclose any information received for the purposes of the arbitration.
Delay
It can take time to appoint an arbitrator, agree the process and co-ordinate diaries.
Enforcement
If you need to enforce an arbitration award, you may need to do so through the courts – at which stage the outcome of the arbitration award will come into the public domain.
Flexibility
Parties have more flexibility to choose: you may be able to choose your arbitrators and agree the procedure to be adopted. Fine as long as you can agree…
Get talking
The more you can agree in advance with the other side, the better (and more cheaply, easily and quickly the arbitration
