International arbitration resembles a domestic court. However, the proceedings take place before arbitrators as opposed to a domestic court. International arbitration looks to make the proceedings faster and less expensive.
What is international arbitration used for? It aims at giving both parties in a dispute the opportunity to design an arbitral procedure under which the conflict will be resolved. Many benefits come with arbitration procedures. One is that they are confidential, flexible, provide quality justice, and it is neutral. However, to get the most out of its perks, you need to employ the following tools.
Just like in many other fields, technology is there to improve efficiency. For instance, knowing how to turn off VPN on Mac among other settings will come in handy. This is to facilitate the sharing of documents, review, protection of data and production in relation to the hearing. Note that the use of technology like VPN will go a long way in saving on both costs and time. More so, it is a tool that will ensure that data is protected. To improve international arbitration, technology has to be in play.
2. An agreed-on timetable and procedure
To enhance international arbitration, it is essential that both parties have a calendar and a procedure set for the process. This will bring a sense of agreement and avoid instances where ambiguity will arise. Also, this will narrow down the scope for the disputes in the future. Other factors that should be included in the agreement are the choice of venue, seat and the sole arbitrator.
3. Specialist legal advice
The other tool that will improve an international arbitration procedure is to seek expert legal advice and upfront planning. With that, you will be able to have an agreed upon source of funding or financing and see to it that the arbitrator chosen has the relevant skills and availability. This is to avoid last-minute surprises and also increase the chances of success of the arbitration procedure. More so, it will save time and costs.
4. Tiered dispute resolution clauses
What would be the use of tiered dispute resolution clauses? They look to provides for the parties involved in a dispute to use ADR before heading for the proceedings. This is with the reasons for saving time and money. It also looks to eliminate unnecessary debate along the way.
5. Early procedural conference
The other tool that needs to be used to improve international arbitration is an initial procedural conference. Early procedural conference facilitates simultaneous filing, employs a single set of experts, limits the scope of document production and provides a basis for cost allocation.
The tool above look to ensure that there is clarity in the process, flexibility, and time and money is saved.