The advantages of arbitration as a form of settlement of disputes
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.
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
Arbitration tribunals are conducted in private free from undue publicity.
Arbitration tribunals are bound previous awards. This provides room for exploration.
Arbitration proceeding are free from legal formalities i.e. they are les technical in approach