Arbitration
Advantages
The greatest advantage of arbitration is its flexibility, as the parties have the capacity to establish many of the aspects relating to the development of the procedure (designation of arbitrators, language to be used, location, etc.). This allows companies to personalize the procedure according to their needs and generally speeds up and makes the process more efficient than judicial procedures.
“Flexibility, possibility to choose the arbitrator, enforceability of resolutions, and confidentiality are the main advantages.”
The capacity of the parties to choose the arbitrator or tribunal that will arrive at an arbitral decision ensures greater confidence regarding their impartiality and the preparation to bring the process to a just end.
Another valued aspect is the enforceability of the arbitral decisions awarded by the arbitrator or tribunal. The international treaties signed guarantee the effective application of the resolutions in most countries that carry out international commercial activity.
Confidentiality is another aspect valued in arbitration, guaranteed by the private nature of the arbitration process. Companies can protect their commercial strategies and initiatives, avoiding negative effects that disputes could otherwise cause to their status or brand.
An added advantage is the possibility of the arbitral decision being taken by an expert in the matter in question. This is a great added value to procedures involving highly technical content.