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Awards worth hundreds of millions of euros have been annulled in recent years. Not because the underlying arbitration was procedurally flawed. Not because the tribunal got the law wrong. Because an arbitrator failed to disclose something a party was entitled to know.

Arbitration is routinely assumed to be the costlier alternative to litigation. That assumption deserves more scrutiny than it usually gets. Shorter proceedings reduce the interest accruing on a monetary claim where the respondent ultimately loses, and they shorten the period a company must carry a dispute reserve on its books — a factor with real weight for listed entities, where it feeds directly into valuation. Cost, in other words, is not just a function of hourly rates; it is a function of how the process is structured. The choices below are within the parties' control and can materially change the final bill.