Question

What are some of the advantages that U.S. firms gain by agreeing to resolve disputes through arbitration?

What rights do they give up as a result?

Answer 1

There are various of the advantages that U.S. firms gain by agreeing to resolve disputes through arbitration as it is very important that disputes must be resolved quickly. Arbitration provides finality and resolve disputes vey quickly and economically. A great benefit of arbitration is that the parties can select their arbitrators. The flexibility of arbitration allows parties to save time and money.

Arbitration is considered to resolve commercial disputes. It has so many advantages such as

1. Lower cost to resolution

2. shorter time to resolution.

3. Flexibilty

4. Fair awards

5. Broad user satisfaction.

6. International arbitration.

7. More predictable

8. Less likely to be influenced by biases.

9. Less expensive.

Arbitration allows the parties to choose adjudicators with the necessary special expertise to decide a cross border dispute.