Conflict Management Arbitration and Mediation

1006 Words Jan 28th, 2018 4 Pages
Increasingly, arbitration and mediation, instead of litigation in national courts, have become the preferred means of resolving international commercial disputes. Arbitration: Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to an arbitrator or to a tribunal of several arbitrators who give a decision on the dispute that is binding on the parties. In contrast to mediation, once the parties have freely agreed to submit a dispute to arbitration, a party cannot unilaterally withdraw from the arbitration. Expedited Arbitration: Expedited Arbitration is, as its name suggests, a form of arbitration in which certain modifications are introduced in order to ensure that the arbitration can be conducted and an award rendered in a shortened time frame and, consequently, at a reduced cost. To achieve those objectives, the modifications provide for a sole arbitrator (rather than a tribunal of several arbitrators), shortened time periods for each of the steps involved in the arbitration proceedings, and condensed hearings before the sole arbitrator. Mediation Followed, in the Absence of a Settlement, by Arbitration: This procedure combines, sequentially, both mediation and arbitration. Where the…
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