Arbitration for businesses is in general the most logical of choices to settle disputes and in particular for those companies doing business in other countries. The reasons are quite simple, a. its fast and efficient, b. as opposed to going to court there is very little waiting to set a date for the procedure to take place, c. you are in an informal but very professional setting, and d. the resources required to settle the dispute are known ahead of time for the most part as opposed to going to court which not only takes years to get a judgment but the amount of money spent can never be calculated.
Also, the fact that the parties agreed in writing prior to the dispute to arbitration, they can also agree as to what law will govern the dispute and who will arbitrate or mediate the dispute. This in itself is a great convenience for companies doing cross-border transactions.
"Itro"- The Institute for Consent Arbitration, has the knowledge and experience to advise and guide businesses in drafting the needed arbitration clause. "Itro", will be able to advise and help tailor the agreement to its client`s specific needs.
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To learn more about international arbitration and its benefits in contrast to going to court in a foreign jurisdiction, read on.
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