Arbitration
Disputes between businesses can be resolved in various ways. The primary method is negotiation between the contracting parties to resolve the dispute. However, it’s not always possible to achieve a resolution solely through negotiations between the parties.
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As an alternative to the court process, arbitration can be utilized. Due to its flexibility, arbitration allows for the selection of individuals with specific expertise in the relevant field to resolve disputes. The process also facilitates better consideration of the parties’ agreements and preferences regarding procedure compared to formal court proceedings.
Arbitration, unlike a court process, is not public. This is often advantageous for businesses because trade secrets or even the existence of a dispute may remain confidential. Other advantages of arbitration include the expedited resolution of issues. Additionally, the decision reached in arbitration is final and cannot be appealed.
