Arbitration is one of the alternative methods of dispute resolution, which allows entrepreneurs to settle a dispute without submitting it to the assessment of a common court.
The conclusion of an appropriate arbitration clause (arbitration clause) in an agreement between entrepreneurs results in – in the event of a dispute arising from the implementation of this agreement – consideration of the case by arbitration court (arbitration court) without proceeding before a common court. A judgment issued in arbitration proceedings has the same weight as a judgment of a common court.
What are the benefits of considering a case in arbitration instead of in a common court?
- disputing parties have an influence over the choice of arbitrators to decide their case
- arbitrators from the SAKL list of recommended arbitrators are lawyers with extensive practice and extensive achievements
- the decision is made within 3 or 6 months from the formation of the Arbitral Tribunal (depending on the procedure chosen by the parties), and this period may be extended only in particularly justified cases
- proceedings are fully confidential
- a judgment obtained in arbitration and affixed by a common court with an enforcement clause is subject to bailiff enforcement (if the debtor does not perform it voluntarily)
- hearings may be conducted online
- dates and form of meetings are agreed in advance with the parties so that they are convenient for them
- the costs of the proceedings can be estimated using the convenient online calculator
- the judgment is enforceable in 148 countries