Arbitration
How it works
The normal procedure begins when the parties to a contract decide to include an arbitration clause in the contract.
“The process begins when the parties include an arbitration clause in the contract.”
The drafting of the arbitration clause will determine key aspects of the procedure. Suitable agreement on and the drafting of the clause are therefore highly important. Some companies therefore develop their own company policies and standard clauses to apply to all arbitration agreements.
The beginning of the arbitration procedure itself is determined at the time in which one of the parties receives the request from another party to submit the dispute to an arbitral decision.