If I Win an Arbitration, How Do I Collect the Funds?
In this edition of Arbitration Espresso, I’m going to explain three reasons why you would go to arbitration.
Number One: Your industry is very specific, or your dispute may be uncommon and therefore you want a specialized judge. If you have an arbitrator that knows your industry or the problem you are facing, you avoid spending time and money educating that arbitrator. A judge will generally require expert testimony which will increase costs.
Number Two: Arbitration affords a level of privacy. Say you have confidential business practices or prefer to run your business under the radar, and you value your reputation, you would not want the press to be able to listen in. Arbitration is private and can even be confidential. On the contrary court proceedings are public. Justice is supposed to be seen to be done.
Number Three: The ability to decide on the applicable language, the applicable law, the location of the arbitration, every aspect of the procedure and even when you want to the arbitration to end. If you go to court, that is decided by the country you litigate in and its procedural law.