What is Commercial arbitration?
Arbitration is a form of alternative dispute resolution, which is a legal technique for the resolution of disputes outside of the courts (i.e. out-of-court settlements). In Norway the process is regulated by law.
Commercial Arbitration is to resolve commercial disputes, particularly in the context of commercial transactions. It can also be used as dispute resolution in consumer and employment matters, altough this is regulated more strictly in Norway.
What are the advantages of Commercial arbitration?
Although there can be some limited exceptions, the advantages of arbitration usually include, among others:
- Speed: arbitration proceedings usually conclude much faster than Court cases;
- Flexibility: arbitration proceedings are more flexible for businesses;
- Confidentiality: arbitration proceedings and outcomes are private;
- Language: international arbitration proceedings can permit the language of proceedings to be chosen;
- Simplicity: arbitration outcomes and awards are easier to enforce in other countries; and,
- Finality: arbitration decisions have restricted avenues for appeal, which limits the duration of the dispute and any associated liability.
When can a dispute be moved to arbitration?
Companies can use arbitration to solve disputes:
- If the dispute concerns an agreement that provides that disputes will be resolved by arbitration (i.e. contracts that include an arbitration clause); and,
- Where no pre-existing arbitration clause exists, but then only if all parties can agree in writing, that the dispute should be resolved by arbitration.
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