Arbitration has many advantages over litigation, but one of the fundamental tenets behind arbitration, is the provision of a relatively inexpensive and quick means of resolving commercial and trade disputes.
When a dispute arises which must, under the terms of an arbitration agreement, be referred to arbitration, the first step will be for the parties to appoint the tribunal. Finding the right arbitrators and ensuring that the relevant contractual, statutory or institutional requirements are complied with is vital.
Which is best? This is an age-old question. Should you put an arbitration clause in your contract? And, if so, what sort of arbitration clause? In summary, there will never be a correct answer that applies to all circumstances. There is no straightforward solution and one size most definitely does not fit all.