What is Arbitration?
Arbitration is a form of alternative dispute resolution that is conducted outside of the courts. It is a proceeding in which the nominated arbitrator(s) as an impartial third party, will judge to make decisions on a case of two parties’ claims. To arbitrate, both parties should agree upon consent to conducting arbitration to resolve the dispute. As a result of arbitration, the arbitrator(s) will make out an “arbitration award”. This document is final and binding, shall one side of concerned parties refuse to abide by it, both parties are obliged to be in litigation. The arbitration is considered to be international when the parties, contracts or the legal matter extended beyond a single jurisdiction. The distinction between domestic and international arbitration is important as it will affect the enforcement of the award. Multiple places have arbitration service, it is a common dispute resolution practice in many developed countries/ cities. Among all, Hong Kong is one of the active arbitral markets. At the Queen Mary University of London, the sixth International Arbitration Survey ranked Hong Kong as the third-best arbitration location.
What are the advantages of arbitration?
Arbitration will take place by securing both parties’ information that has been revealed in any stages of the process.
- Procedural flexibility
Arbitration offer not only the avoidance of time taking tribunal procedures but at the same time, it meets the interests of both parties.
- Professional procedure
Since arbitrator(s) could have served the professions in the field of law as lawyer(s) or judge(s) before, it guarantees proficiency during the procedure.
- Bilateral benefit
By avoiding litigation, arbitration can settle an agreement upon both parties with less time consuming and expenses. This is due to its arrangement flexibility and award finality.
- Cross-border acceptance and enforceability
The New York Convention is one of the prestigious international treaties worldwide. This piece of agreement supports the arbitral award with the authority to be applied in 160 signatory countries.
Why using the arbitration service at the HKCICA?
- Selection of appropriate professional arbitrators
Arbitration service is provided from arbitrators who are enlisted on the the Panel of Arbitrators at the IDRRMI. This Panel consisted of members with over 20 nationalities, offering arbitration service at more than 40 locations worldwide. They are normally the senior members in the community of arbitration. Parties are offered with the liberty to select individual arbitrators from our list or to be assigned with the best candidate for their case by our case specialist.
- Flexible procedure
The flexibility of switching to other dispute resolutions and location in the process of arbitration according to their will.
- Worldwide enforcement coverage
The connection with over 50 dispute resolution organizations worldwide, the region of enforceable jurisdiction extends beyond the New York Convention’s signatory states. Allowing comprehensive coverage, including in the regions of the Belt and Road projects.