What is arbitration?

Arbitration is an alternative dispute resolution mechanism in which the parties involved decide to submit their disputes to an arbitrator or arbitral tribunal, who issue a binding decision that ends the conflict.

The arbitration process

The arbitration process begins with the signing of an arbitration agreement between the parties, which establishes the rules and procedures that will govern the arbitration. Subsequently, an impartial arbitrator and expert in the subject matter of the dispute is selected, who will preside over the hearings and issue the final decision.

The role of the lawyer in arbitration

Lawyers play a critical role in arbitration, advising their clients at all stages of the process, from drafting the arbitration agreement to presenting evidence and arguments during hearings. Lawyers can also act as legal representatives of the parties in arbitration, defending their interests and seeking to reach a favorable resolution for their clients.

Frequent questions

What is the difference between arbitration and mediation?

The main difference between arbitration and mediation is that in arbitration, the arbitrator issues a binding decision that ends the dispute, while in mediation, the mediator acts as a facilitator for the parties to reach an agreement by consensus.

How long does an arbitration process usually last?

The duration of an arbitration process may vary depending on the complexity of the case and the availability of the parties and the arbitrator. In general, arbitration processes are usually faster than traditional judicial processes, as they can be adapted to the needs of the parties.

Is it mandatory to have a lawyer in an arbitration process?

It is not mandatory to have a lawyer in an arbitration process, but it is highly recommended, since lawyers have the necessary knowledge and experience to advise their clients effectively and defend their interests adequately.