What are the advantages of resolving disputes by arbitration?
Arbitration is a less formal procedure than court litigation, and it is conducted in private, away from the glare of the media and the public. Parties are free to appoint their own arbitrators and can chose more practical procedures and rules for the conduct of an arbitration. Arbitration awards are final and binding, and have extra-territorial enforceability in over 120 countries under the New York Convention. Generally, arbitration can also be more cost-efficient and speedier than court litigation.