14/11/2023
Arbitration: A Dispute Resolution Alternative
Imagine you provide services or goods to a client and send them an invoice for the amount owed. However, the client refuses to pay the invoice, claiming that the services or goods did not conform to the quality as agreed upon. What now?
Arbitration is a dispute resolution process where a neutral third party, called an arbitrator, listens to arguments of both sides/parties and makes a binding decision. It's akin to a court proceeding without all the formality, time and expenses.
Why choose arbitration?
• Faster? - Yes, WeVaad completes an arbitration proceeding within 90 days, versus 5-7 years in litigation.
• Less expensive? - Yes, Arbitration fees are lower, ranging from 0.5% to 3% of the dispute value, with a minimum fee of ₹3,000.
• Confidential? - Yes, unless parties agree otherwise, arbitration proceedings remain confidential, keeping dispute details private.
When to consider arbitration:
•Financial Disputes: Tailored approach for resolving complex financial matters.
•International Disputes: Ideal for resolving international disputes in a neutral forum.
•Avoiding Court Backlogs: Offers a faster, more efficient resolution in jurisdictions with overburdened court systems.
•Controlling the Process: Provides control over arbitrator selection, procedural rules, and timing of proceedings.
•Maintaining Relationships: Preserves relationships by offering a private forum for dispute resolution.
Arbitration: A great way to resolve disputes without going to court!
