Arbitration is an adjudicative dispute resolution mechanism. It is based on an agreement between parties to refer a dispute to an impartial arbitrator(s) for a decision.
Arbitration is essentially a more private version of litigation and a huge part of international and domestic commercial dispute resolution industry. Like other forms of ADR, it provides a number of benefits for parties in a commercial dispute:
- In highly technical disputes, parties can choose an arbitrator with the relevant background expertise. This is unlike litigation, where you are unable to choose the appropriate judge.
- Arbitration is cheaper and more flexible than litigation.
- Arbitration is usually faster than litigation.
- Arbitration helps parties keep their disputes private.
- Arbitration provides a definitive conclusion to the claim as parties usually forego their right to appeal.
At Phoenix, we endeavour to provide parties with a swift, cost-effective and technically advanced ad-hoc arbitrational service. Our panel of certified arbitrators which consists of lawyers and globally renowned experts will allow you to pick the most appropriate practitioner for your case. Part of our mission to provide you with the highest possible level of service includes the management of document exchange between parties, selection and hiring of venues, providing fund-holding services and offering various administrative services.
To find out more about our upcoming arbitration platform, click here.