Arbitration is one of the methods of alternative dispute resolution (ADR) available to parties in conflict. In this process the parties to a controversy agree to have their dispute settled by an arbiter, rather than taking the case to court. Once the parties have agreed to this method of dispute resolution they are legally bound by the arbiter’s decision.
Attorneys at Juslaws & Consult recognize that litigation can be time-consuming and costly and that it does not always achieve the client’s desired result. Our highly-skilled attorneys have extensive experience in advising clients on reaching favorable outcomes by employing a range of alternatives to litigation, including arbitration.
Convenience and speed are two of the major advantages of the arbitration process. The process can be adapted to suit the requirements of the parties involved. Confidentiality is a significant benefit of this form of ADR as well, as all information revealed in the proceedings is kept private.
Additionally, in an arbitration proceeding, the parties involved are able to agree on and appoint an arbiter who has experience in their area of business and in-depth knowledge of the specific issue under dispute. The decision of an arbiter is enforceable in countries around the world that recognize this alternative dispute resolution practices. Arbitration is suited to variety of types of civil disputes, but it cannot be used in criminal matters. Disputes suited to the arbitration process include controversies arising in a variety of business agreements such as construction contracts, insurance contracts, sale agreements and many others.
When drafting a contract, the parties to an agreement may stipulate that any disputes that arise will be settled by arbitration. They may also make this determination after a dispute arises – or even after one of the parties files a court complaint. It is best to make the stipulation about using arbitration at the time of preparing a contract however, as it is simpler to reach an agreement before a dispute occurs.
If the parties to an agreement are based in different jurisdictions, the place and the language of any arbitration that may take place should also be stipulated. A Model Arbitration Clause has been provided the Thai Arbitration Institute for use in agreements.
If a dispute involves a party based in Thailand and another located abroad it is important to have an expert in the law of the other country involved in the arbitration as well.