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10 October 2017

Quicker justice in international arbitration: is it possible?

Source: UJBL

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:

  • by establishing new procedural tools for streamlining the arbitration proceed­ings, such as rules for expedited forma­tion of the arbitral tribunal, time frames for drafting and rendering the final arbitral award, and
  • through establishing separate special types of proceedings, so-called expedited proceedings, which differ from the tradi­tional proceedings and usually introduce tighter time schedules and, in some cases, lower arbitration and administrative costs.
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