Arbitration is generally considered a method of dispute resolution that is quicker and more cost-efficient than litigation. Notwithstanding, highly complex disputes may entail as much cost and be as much time consuming as going to national courts.
There are a number of steps to be taken and precautions to be made that may guarantee that the arbitration remains cost-efficient and that the award is rendered in a timely manner. For instance:
- Selecting the right arbitrators may increase the speed of the proceedings and avoid costs with experts;
- Choosing the right language for an arbitration may save on costs with translations, during the arbitration and in the enforcement stage;
- Proper handling of evidence and limiting document production where appropriate may shorten the time required for arbitrators to render decisions;
- Consolidation of proceedings or joinder of third parties may decrease relative costs and ensure consistent decisions which are binding upon all persons involved in the dispute;
In addition, international arbitral tribunals generally award recovery of costs to the successful party at their own discretion, as long as authorized by the applicable procedural rules.
BODENHEIMER benefit from the extensive experience and deep knowledge of arbitration of its team members. We are highly skilled in managing costs of the arbitration – keeping them to a minimum, while still trying cases in a smart, detailed-oriented, and focused manner.
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