Arbitration is a popular method of resolving disputes, but many misconceptions exist about the process and the laws surrounding it. This article will discuss some of the most common myths and truths about arbitration laws. Find here the best arbitration law firms in Dubai.
Myth: Arbitration is only for big businesses:
Truth: Arbitration is a viable option for any business, regardless of size. Many small businesses and individuals find arbitration a cost-effective and efficient way to resolve disputes. Arbitration is often used in disputes involving small claims and consumer disputes.
Myth: Arbitration is less fair than going to court:
Truth: Arbitration is just as fair as going to court. Both arbitration and court proceedings are designed to provide a fair and impartial forum for resolving disputes. The arbitrator is impartial and must follow the rules of evidence and procedure, just like a judge. Arbitration is also a less formal process than going to court, which can sometimes make it more accessible to parties unfamiliar with the legal system.
Myth: Arbitration awards are not binding:
Truth: Arbitration awards are binding. Once an arbitration award is issued, it is final and binding on the parties. The parties cannot appeal the award, and they are required to comply with it. In some cases, an arbitration award can be enforced in the same way as a court judgment, and it can be enforced in any country that is a signatory to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
Myth: You can’t choose your arbitrator:
Truth: Parties can choose their arbitrator. In many cases, the parties will agree on the arbitrator when they enter the arbitration agreement. However, if the parties cannot agree on an arbitrator, an arbitration institution or organization can appoint one. It’s also possible to agree on a method of appointing an arbitrator in the arbitration agreement.
Myth: You can’t have a lawyer represent you in arbitration:
Truth: Parties have the right to be represented by a lawyer in arbitration proceedings. A lawyer of their choice can represent them, and they have the right to present evidence and make arguments supporting their position.
Arbitration is a viable option for resolving disputes, but many misconceptions exist about the process and the laws surrounding it. Parties have the right to be represented by a lawyer and to choose their arbitrator, arbitration awards are binding, and arbitration is not less fair than going to court.