ARBITRATIONAn alternative form of Dispute Resolution through a neutral arbitrator
Arbitration is the method for the determination of disputes between two parties by an impartial third party whose decision the contending parties agree to comply with. The impartial third party is called “the arbitrator” and the decision made “an award”. Parties can agree to use arbitration either by including an arbitration clause in their agreement at the drafting stage, or by signing an arbitration agreement after the dispute has arisen.
Unlike Court hearings, arbitration hearings are confidential and there is greater flexibility with regard to the dates, time and location. Parties can also choose their own arbitrator which is useful for cases involving highly technical matters.
Increasingly, parties who agree on arbitration choose to use the Singapore International Arbitration Centre, which has a panel of arbitrators with expertise in various fields, and prescribed rules and procedures for arbitration proceedings.
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