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The Advantages and Disadvantages of Commercial Arbitration.
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The Advantages and Disadvantages of Commercial Arbitration Aristotle wrote, "For an arbitrator goes by the equity of a case, a judge by the law, and arbitration was invented with the express purpose of securing full power for equity."Commercial parties appear to be in agreement with this, using arbitration to solve various types of dispute. The process involves placing the contractual dispute in the hands of impartial arbitrators, thus avoiding court proceedings. Arbitration is protected and regulated by the Arbitration Act 1996 and other legislation such as the UNICITRAL Arbitration Rules 1976 and the WIPO Arbitration Rules 1994. The combination of the Act and these rules provides a coherent and reliable foundation for arbitration in the United Kingdom. The Arbitration Act has three general principles. The first is that the arbitration should obtain fair dispute resolution by an impartial tribunal without unnecessary delay or expense. This includes a mandatory requirement...
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