Sign Idaho Banking Arbitration Agreement Mobile

Document type sign arbitration agreement alabama simple

commercial international arbitration is an alternative dispute resolution where the disputing parties agree to appoint an impartial arbitrator based on his expertise and reputation to decide a commercial dispute by means of a final and binding award arbitration is considered to be international when the parties facts or the legal matter extend beyond the single jurisdiction the distinction between domestic and international arbitration is important as it will affect the enforcement of the award on the other hand arbitration differs from other types of dispute resolutions as the arbitrator is selected by the parties and unlike mediation and conciliation the arbitrator not only resolve the dispute but he also makes a binding decision arbitration disputes usually arise from a variety of business deals such as merger and acquisition financial services construction and infrastructure intellectual property and purchase and sale agreements arbitration is chosen by the parties because it offers the following benefits over local state courts first the parties are free to select the place of the arbitration second the arbitrator is neutral independent and impartial party which means an unbiased dispute resolution third the proceedings are conducted in private and confidential manner furthermore the arbitration award is final with no right of appeal which saves the parties time and money when compared to courts lengthy appellate proceedings finally the cross-border acceptance of an arbitration award is supported by international treaties as a result the arbitration award can be easily enforced abroad unlike a foreign court judgment however despite being fast and affective arbitration can have the following disadvantages first the arbitration technical nature can lead to delays and uncertain results second the arbitrator power is limited as he can not order pre-emptive injunctions which can be only granted by the state courts the arbitration confidentiality cause a lack of transparency which makes the process subject to bias in addition when the losing party does not comply with the award the enforcement rely on the state court help where confidentiality is lost the finality of the arbitration award means that a wrong decision cannot be corrected nor appealed in addition arbitration is expensive especially the arbitrator fees and expert technical reports and lastly arbitration may not be suitable where there are several parties to a dispute like in projects and construction claims where a single dispute may involve different companies working on the same deal