What are the benefits of international arbitration?
An example of an AI chatbot conversation about the benefits of international arbitration.
What are the benefits of international arbitration?
International arbitration offers several benefits, including neutrality, flexibility, and enforceability of awards.
Can you explain how neutrality is a benefit?
Neutrality ensures that neither party has an advantage based on the legal system of their home country, promoting fairness.
What about the flexibility aspect?
Flexibility allows parties to choose the rules, procedures, and even the arbitrators, tailoring the process to their needs.
Are arbitration awards enforceable globally?
Yes, arbitration awards are generally enforceable in many countries under the New York Convention, making them effective globally.
What are some common misconceptions about international arbitration?
Common misconceptions include the belief that arbitration is always faster or cheaper than litigation, which isn't always true.
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