Fixed Deadlines In Arbitration Agreements: Pros And Cons

Arbitration, as an alternative dispute resolution mechanism, has gained broad acceptance due to its flexibility, efficiency, and ability to provide a simplified method for resolving disputes. Time management is crucial to the efficiency of arbitration, as prolonged disputes can result in higher costs and reduce its advantages. The question of whether fixed deadlines in arbitration agreements should be included is a matter of discussion and hinges on various factors.

Flexible and Fixed Deadlines in Arbitration Agreements

Fixed deadlines in arbitration agreements represent predetermined timeframes during which certain actions are to be completed during the arbitration proceedings. For instance, the parties may agree that a final arbitration award must be rendered within four months from the constitution of the arbitral tribunal in their arbitration agreement. These deadlines, however, may encompass various aspects of arbitration, such as selecting arbitrators,