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Article: Settling out of court: how can you have a final and binding decision over a business dispute out of court? Arbitration is the only definitive solution. (Close Up).
- Article from:
- International Trade Forum
- Article date:
- October 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 International Trade Centre UNCTAD/GATT. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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You are a South American company entering into several agreements with different buyers in Asia and Africa. The last thing you want is to be entangled one day in a dispute before the other parties' courts. Incidentally, they feel the same about your own courts! Arbitration may then be what you are looking for, but remember... the arbitration option must be spelled out clearly in your contracts, and it is not free.
Q What is arbitration?
A Arbitration is an out-of-court method to settle commercial disputes through a binding decision. It is a private, highly flexible method of dispute resolution, where the parties select the arbitrators, the place where ...