Arbitration Law Meets International Standards

Arbitration, as a mechanism of binding dispute resolution, is the equivalent of litigation in the courts, but entails resolving disputes outside the courts in accordance with procedures, structures and substantive legal or non-legal standards chosen by the parties involved. As such arbitration is distinct from nonbinding forms of dispute resolution such as mediation or negotiation.

Arbitration is becoming more recognised globally as a viable alternative to court proceedings to resolve commercial disputes. Given that parties to commercial agreements often prefer the ability to deal with legal disputes without the publicity and formality of court proceedings, the arbitration procedure can offer more flexibility and cost savings compared to litigation in the courts.