International Arbitration is quickly becoming a favored dispute resolution technique among many industries involved in International business. Due to increased globalization in the business world, commercial arbitration is becoming more common. Businesses find ADR to be faster, more convenient, and less expensive than a court trial.
There are many reasons why international arbitration has become such a popular form of ADR.
• Arbitration is consensual among all of the parties involved in the dispute. In order for an arbitration hearing to take place, all parties must fully agree to participate.
• International arbitrators are a neutral party, and are independent and impartial.
• The awards from the arbitration are binding and enforceable in most parts of the world.
• The proceedings and results are often private and confidential.
• Avoids or reduces hostility among the disputing parties. They are encouraged to participate in the resolution.
• Flexibility for scheduling is more open when compared to courts.
• Simplified rules of evidence and procedure make the arbitration less stilted
• Usually cheaper than litigation
When searching for a neutral party to handle your international arbitration, look for experience and knowledge in International laws and arbitration proceedings.
Stephen S. Strick, a neutral international arbitrator, is a member of the International Panel of Arbitrators and Mediators (ICDR), AAA’s Commercial, Large/Complex Case, FCC and Mediation Panels, the International Institute of Conflict Prevention & Resolution (CPR) Panels of Distinguished Neutrals, Independent Film & Television Alliance International Panel of Neutral Arbitrators, and National Academy of Distinguished Neutrals. Over the past thirty years he has served as a neutral party in over two hundred and fifty arbitrations.