Arbitration has now firmly established its position as a preferred dispute resolution mechanism in international business. The common view is that arbitration is much more convenient as compared to litigation given that it provides significant flexibility of the proceeding, ensures confidentiality and establishes a unified regime for the recognition and enforcement of arbitral awards. Leaving aside other advantages of arbitration, and there are indeed many of them, the parties are increasingly concerned with the cost and length of arbitration proceedings.
These concerns of the parties, and accordingly of the arbitration community, resulted in amendments being introduced recently to various arbitration rules with a view to accommodating the demands and expectations of users.
In general, there are two ways in which arbitration institutions respond to demands for more time- and cost-efficient arbitration proceedings: