ARBITRATION IN UNPARALLELED TIMES: AN EXCELLENT ALTERNATIVE FOR RESOLVING DISPUTES
With the COVID-19 pandemic constraining critical, temporary changes for the courts and businesses are the same, parties should opt for the alternatives beyond the court proceedings for the dispute resolution. Various courts and other adjudicatory authorities have reacted through the closures and hearing of the urgent cases only. The parties should consider that these dispute resolution mechanisms are effective as well as efficient to resolve the dispute in a customizable and less time-consuming manner. The answer to this problem of current situations lies in arbitration which is one of the mechanisms of ADR that helps in dispute resolutions other than courtrooms.
The process of arbitration is purely a method which is based on the consent of the parties. In today’s circumstances, it’s on the parties to avoid the civil action and choose to go ahead with the arbitration that can resolve disputes through a fast track process and give the appropriate remedy in these hard times. Arbitration has certain key advantages which makes it on an edge from other processes of the settlement of a dispute.
Efficiency is the chief advantage of the arbitration process and it can be seen that there will be a backlog of cases in the courts when the circumstances come back to a normal place. The arbitrator makes it more efficient from the resolution of disputes in the court. Arbitration is a more flexible and immediately available option for the parties to settle their dispute.
The arbitration process is completely confidential and is carried out in private. Confidentiality is important in relation to the disputes that arise in the current conditions. It is completely a private process and is out of reach of the third party to the dispute. During such conditions, the proceedings can be conducted virtually and the dispute can be settled more easily.
Customization is the key advantage of the arbitration process to the parties opting for the dispute resolution. This process gives parties to choose on their own institutional rules or ad hoc rules which are conducive to dispute settlement. The parties have the option to appoint the arbitrator of their own choice which they think is best suited to resolve their dispute. One should always appoint an arbitrator with a reasonable amount of experience and who is familiar with the industry. The process of resolution of disputes can be done virtually over a video conferencing proceeding. This way would help in restoring the privacy of the proceeding in the pandemic times. Also, procedural hearings and case conferences are done through the means of teleconference in the process of arbitration.
These tribunals and institutions are more habitual to videoconferencing. Therefore, it can be a more easy way for dispute resolution as infrastructure may be already in place. Arbitration provides the ability to customize the process, efficiency, and maintaining privacy, these are the key advantages of choosing arbitration as the businesses are sailing in the impacts and adverse effects of the COVID-19 pandemic.