What is Arbitration?   Arbitration is a privately run tribunal offered as a service by institutions or private individuals. Arbitration courts decide a dispute finally without recourse to the ordinary courts of law. Their decisional authority is derived solely from the agreement of the parties. Arbitration procedures are quite similar to ordinary court procedures; there too claims have to be formally submitted. The parties, however, have essentially greater freedom in shaping the procedures; at their discretion various decisions may be taken e.g. about the place and language of arbitration and about choosing the arbiters. There are several reasons why one will benefit from choosing arbitration. Some Advantages Arbitration courts regularly have short response times The public is excluded from the procedure Arbitrators are specialized in their respective fields Awards can internationally be enforced markedly easier than ordinary court rulings Not to be confused with... It is an essential feature of arbitration that the arbitrage is effectively equivalent to an ordinary court decision. The award is final and the route to the ordinary court is precluded. Arbitration is a true competitor for the ordinary court process; it is indeed a powerful instrument for resolving a dispute. The following are clearly distinct from arbitration: Negotiations inserted to avoid opening a case before an ordinary court Mediation: is aiming also at an amicable settlement. In case the need arises and given the result then enforcement is possible only if a suit to this extent had been filed.

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