The advantages of arbitration as a form of settlement of disputes
Time saving
It is a faster method of dispute resolution.
It is convenient
i.e. parties are allowed to determine;-
- Number of arbitrators
- Venue of proceedings
- Language to use etc.
Cost
The cost of using arbitration as a method of settling dispute is relatively low.
Expertise and specialization:
The parties to the dispute have the opportunity to appoint the most qualified or specialized persons to determine their dispute
Privacy:
Arbitration tribunals are conducted in private free from undue publicity.
Flexibility:
Arbitration tribunals are bound by previous awards. This provides room for exploration.
Informality:
Arbitration proceeding are free from legal formalities i.e. they are les technical in approach
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