Explain three advantages of arbitration as a form of settlement of disputes over the court process

The advantages of arbitration as a form of settlement of disputes

Time saving

It is a faster method of dispute resolution.

It is convenient

i.e. parties are allowed to determine;-

  • Number of arbitrators
  • Venue of proceedings
  • Language to use etc.

Cost

The cost of using arbitration as a method of settling dispute is relatively low.

Expertise and specialization:

The parties to the dispute have the opportunity to appoint the most qualified or specialized persons to determine their dispute

Privacy:

Arbitration tribunals are conducted in private free from undue publicity.

Flexibility:

Arbitration tribunals are bound previous awards. This provides room for exploration.

Informality:

Arbitration proceeding are free from legal formalities i.e. they are les technical in approach

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