How does Arbitration work and what does it mean to me as an SME?

0 Published 07/12/2020 by Open Borders Admin

How does Arbitration work and what does it mean to me as an SME?

The ICC International Court of Arbitration is the largest commercial disputes body processing over $260 billion of cases a year, serving companies of all sizes and sectors in over 100 countries and promoting best practice arbitration and alternative dispute resolution rules and guidance.

Benefits of Arbitration

faster than litigation in court
cheaper and more flexible
more commercial and less formal than court
time limit can be placed on the length of the process
arbitral awards are confidential

Standard ICC Arbitration Clause

Companies can avoid expensive and time-consuming litigation and Court proceedings by simply ensuring the following clause is incorporated within sales contracts or terms and conditions.

“All disputes arising out of or in connection with the present contract shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the said Rules.”