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Arbitration

Arbitration is a process in which the parties to a dispute present arguments and evidence to a dispute resolution practitioner (the arbitrator) who makes a determination. The process is private and, subject to the parties’ agreement, can be confidential. Arbitration offers a flexible and efficient means of resolving disputes especially in the international arena where there may be problems in litigating the dispute in a jurisdiction acceptable to all parties to a contract. The decision of the arbitral tribunal is final and binding. The award is enforceable. For international commercial disputes, arbitration is particularly useful as it allows cross border transactions to be dealt with impartially by neutral third party arbitrators and under a neutral legal system chosen by the parties. An award made in an international arbitration is enforceable under the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards in any State that is a signatory to the NY Convention giving it a wider and more effective reach than most judgments. ACICA has formulated its own arbitration rules which can be used in any contract. A model arbitration clause recommended by ACICA is available free of charge.