What is the need of arbitration?

The importance of arbitration in commercial transactions, especially international ones (as the most appropriate way to resolve disputes of an international nature), is that the nature of these transactions is simple, easy and formal. It requires speed, confidence, flexibility and confidentiality in the proceedings.

What is the role of an arbitrator in arbitration?

The arbitrator’s function is to render a decision on the issues. During arbitration, both parties are given the opportunity to present their case to the arbitrator, which can include the introduction of evidence and testimony of the parties and/or witnesses. Arbitration ends when the arbitration award is finalized.

How do I hire an arbitrator?

Before scheduling the arbitration, you will need to contact the other party and inform them of your intent to arbitrate and give them the name of the organization or arbitrator you have selected. If the parties agree, then you can schedule the arbitration.

How much does it cost to hire an arbitrator?

Average legal fees range from USD 50 per hour (very low) to USD 600 per hour (high). Most law firms will charge far more than USD 50 per hour and legal fees are the primary cost of international arbitration. The average ICC arbitration requires between 1,000 and 5,000 hours of work, depending on its complexity.

Who pays arbitration cost?

In most cases, the parties to an arbitration divide the cost of the arbitrator’s fees and expenses evenly – that is, each pays half.

What should I know about presenting my case in arbitration?

Presenting your Case in Arbitration Although arbitration does not have many of the formal rules and procedures used in court, it is important to remember the arbitrator’s decision is final and binding on the parties.

Do you need a lawyer for an arbitration case?

The short answer is no, you do not need a lawyer in arbitration. However, because the dispute resolution process is adversarial in nature, and the outcome is often final and affects your rights, you may want a lawyer’s help in preparing and presenting your case.

When to seek the opinion of an arbitrator?

You should always seek an arbitrator with experience handling disputes within the subject matter of your case. Your lawyer can also help you find an arbitrator who is fair and does a good job. That is another reason it is a good idea to get a lawyer’s input.

How to prepare for arbitration at Fair Work Commission?

Plan to arrive at the Fair Work Commission (the Commission) early to give yourself time to find the courtroom and get organised. Check the list on the wall for the name of your case and which courtroom the arbitration will be in. It is a good idea to let the Commission staff in the court room know who you are.

Who is the arbitrator in an arbitration case?

The arbitration process involves the parties submitting their dispute to an impartial arbitrator, who serves as an informal judge. The arbitrator hears both sides of the argument at the arbitration hearing, makes a decision, and issues an arbitration award.

When do you have to go to arbitration?

Mandatory arbitration is common in employment cases, insurance cases and loan or lease cases in which the parties have agreed to go to arbitration in advance of a dispute. Any contracts that have an arbitration provision can be taken to arbitration.

What do you need to know about arbitration resolution services?

Arbitration Resolution Services (ARS) has revolutionized the field of dispute resolution by integrating state-of-the-art technology with expert arbitrators to provide virtual arbitration services. With arbitration through ARS, nothing is made public and the entire arbitration process can be completed online.

Can a legal dispute be taken to arbitration?

Any contracts that have an arbitration provision can be taken to arbitration. Arbitration is often written into contracts and terms of agreement in these scenarios in the event that a legal disagreement may arise.