Arbitration is quickly becoming the preferred method of handling domestic business disputes in countries across the globe. When it comes to business conducted on a transnational level, international arbitration is often the go-to method for dispute resolution. As a lawyer, choosing to specialize in international arbitration is a sensible move in today’s increasingly global business world.
Let’s take a look at just a few of the reasons so many businesses choose international arbitration to solve transnational disputes.
Courts and court rulings are governed by jurisdictional boundaries that are relatively straightforward. When you’re dealing with creative business agreements straddling multiple cultures, the stagnant solutions offered by one country’s court of law just won’t cut it. Arbitration gives businesses the opportunity to form tribunals that can develop creative solutions when ruling in favor of the winning party. In this way, the needs of every individual client are considered and adequately represented.
Courts have a particular way of operating and hours of operation that aren’t suitable or convenient for all international cases or participants. Arbitration allows for looser constructs so that timelines, hours of operation, and communication methods are more flexible, thus better suited to the parties involved.
Arbitration can bring simplicity to complex cases, making it very appealing for companies that don’t want to be tied up in trials for a long time.
As with any courtroom award, the judgments and awards determined by the arbitration tribunal are binding and enforceable. Often, this means the judgment cannot be appealed unless gross misconduct is suspected. This assures companies that the matter is resolved once it’s been decided.
Trials are public affairs, with courtrooms often open to the community. Many businesses want to avoid the public scrutiny that comes with a trial or courtroom battle, especially those who want to guard the nature of the complaints they are making or facing. Arbitration is a private action that doesn’t need to be made public and often has confidentiality agreements governing it.
Firms that practice international arbitration law often encounter significant expenses that can be financially burdensome. But they can alleviate money pressures with litigation financing. Litigation funding ensures firms can meet all of their general and case-specific expenses by leveraging the strength of cases in their portfolio.International arbitration lawyers often use litigation funding to remain competitive, giving them the time and resources to:
