COMMERCIAL ARBITRATION is a method of dispute settlement agreed by the parties on the basis of compliance with the provisions of the Law on Commercial Arbitration.
ADVANTAGES OF ARBITRATION
- The parties have many active rights.
- Arbitration proceedings are not public. With the non-public nature of the arbitration proceedings, the parties keep secrets about the dispute, confidential information in business, and reputation in the marketplace.
- The arbitral award is final, enforceable as a valid court judgment. The disputing parties have the right to request the court to set aside the arbitral award only in very limited circumstances.
- During the arbitration proceedings, if the parties conciliate successfully, the Arbitral Council will issue a Decision to recognize the successful conciliation. This Decision is enforceable as an Arbitral Award.
- Arbitration centers provide dispute resolution services with reasonable and competitive fees compared to the costs of court proceedings.
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