“Arbitration is a formal, private and binding process where disputes are resolved by a final award made by one or more independent arbitrators. The process of arbitration is a faster, simpler and less expensive alternative to litigation. The parties involved in a dispute must consent to arbitration and the arbitrator(s) to be used must be agreed by the parties or nominated by an independent body.” (CIArb)
Parties may only adopt arbitration if there is a written agreement, either within the contract or subsequently agreed between them. Arbitration is a forensic procedure that provides a conclusive decision to the dispute.
Often referred to as ‘court without the wigs’ however the procedure is much more flexible and matters can be controlled more by the parties’ themselves. The process is governed by the provisions of the Arbitration Act and supplemented by certain industry rules. There are many advantages of adopting arbitration over litigation, the key ones being the appointment of an agreed arbitrator with technical knowledge of the disputed matter; and the confidentiality of the process.
Elemental can draw upon their experience from both a technical and legal perspective to provide the client with the advice and guidance necessary to confidence that the guide clients through the process. Elemental understand that any dispute must be considered in the context of the commercial effect on the client’s business. Elemental can set out strategic understanding of the stages in this process and the ramifications.
Jarlath Kearney is an acting Arbitrator who is a Fellow of the Chartered Institute of Arbitrators.