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Arbitration

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Home >> Arbitration >> About Arbitration >> Advantages of Arbitration

Money, Time & Efforts Saving and High-efficiency

        1. The Parties concerned enjoy a high degree of autonomy. By exercising such autonomy, the Parties concerned can make the whole procedure proceed according to their intention. Such autonomy is embodied in that both Parties can jointly decide the following matters: the arbitration institution for the case, whether to apply or apply subject to modifications the arbitration rules of a certain arbitration institution, the compositions of the arbitral court, the trial procedure of the arbitration case (including the time, place and method to open a court session and so on), the laws to apply, the arbitration decision (reconciliation and contents of adjudication), language agreed to be used during court trial. In addition, both parties can respectively choose their trusted arbitrators to hear the case and so on. As such autonomy can fully reflect their will, the Parties concerned will trust and be willing to accept the arbitration decision.
        2. Fair and timely, high credibility. Arbitration will be carried out independently according to law and shall be free from interference of administrative organs, social organizations or individuals; Arbitration institutions are independent from administrative organs and are not subject to administrative organs; righteous and upright are the basic qualification requirement of arbitrator, thus the arbitration can be proceeded in a fair way. The arbitration procedure is simple and can be jointly controlled by both Parties, plus the strong service awareness of the arbitration institutions, the arbitration case can be heard in a timely way. Moreover, the arbitrators are decided by the Parties concerned, thus enabling the arbitration award to be more acceptable to the Parties concerned with higher public trust.
        3. Confidentiality. In principal, the arbitration will not be held in public, and the arbitration award will not be made public. But if the parties agree to, the arbitration may be held in public and the arbitration award may be made public. This fully reflects the principle of protecting the Parties’ trade secrets and safeguarding the Parties’ business reputation, and respecting the parties’ desire as well.
        4. A system of a single and final award is practiced. A single and final award is the basic principle of the arbitration law, as well as a reflection of the efficiency of arbitration. The arbitration award is legally binding upon all parties after being issued by the arbitral court, and the Parties concerned must implement it, otherwise, the other Party can apply to the people’s court for enforcement.
        5. Flexibility and simplicity. Despite that the arbitration institutions have set the procedures for hearing the cases, the parties concerned can jointly decide which procedure to use or change any procedures as long as no legal regulations are violated; plus the system of a single and final award, the arbitration procedure was made flexible and simple.
        6. Economical and effective. Due to the implementation of the system of a single and final award, the arbitration can save time and money, and is therefore economical and effective.
        7. Hearing cases by experts. Most of the disputes over property rights and interests involve the special knowledge field, and the arbitrators participating in the hearing of the arbitration case are often famous experts or scholars in their respective fields who are proficient in their expertise, therefore the arbitration award made by them will be more correct and fair.
        8. Internationally recognize. Due to its advantage and characteristics, arbitration has become the generally used means to settle the civil and commercial disputes in different countries around the world, especially the western developed countries; it has broader application scope than the litigation of court. Arbitration has surpassed the boundaries of ideology, economic system, state system and regime system, and become an important means to safeguard the lawful rights & interests of the parties concerned from different countries. Meanwhile, the arbitration award gains broader recognition and implementation than the court’s judgment, till now, more than 145 countries have practiced reciprocal acceptance and enforcement of arbitration awards. Along with the economic integration of the world and the increase in number of contracting parties of Convention on the Recognition and Enforcement of Foreign Arbitral Award, the arbitration system, Which has been widely applied and introduced in the international community, is sure to play an even greater role.
        9. Moderate and amicable. Arbitration pursues harmony and attaches priority to meditation, it does not decide easily, and will not decide simply when a decision needs to be made; it pays more attention to the rationality of decision, thus to make the parties concerned sincerely convinced.
        10. Providing adequate protection over the legitimate rights and interests of the parties concerned, arbitration not only protects the duly motivated request of the Parties concerned, but also protects the reasonable expenses expended during the case, such as the attorney fee, travel expenses and so on.

 

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