The decisive advantage is the length of the arbitration proceedings. This depends directly on the involvement of the parties. They are the ones who set the timetable for the procedure. The duration of this can therefore be relatively short. In our experience, arbitral disputes are generally settled during an eighteen month period, which is considerably shorter than ordinary civil proceedings. You will face questions like What is intentional misrepresentation law and elements in California? And as an answer for the same the lawyers are there.
The execution of an internal and international arbitral award is regulated by the New York convention for the recognition and execution of foreign arbitral awards, an international convention ratified by almost all the states of our planet. This convention has proven itself and allows for recognition and enforcement of an arbitration award abroad relatively easily.
The main disadvantage of the arbitration procedure can paradoxically be considered a great advantage.
Now How to prove intentional misrepresentation in CA? An appeal against an arbitral award is only open for a major procedural defect. In matters of internal arbitration the code of civil procedure which fixes the grounds of the appeal. These are listed exhaustively and relate to gross informality of the procedure tending to deprive one of the parties of his fundamental procedural rights, such as the right to be heard or that of being able to count on an independent and impartial tribunal. These are also the grounds for appeal listed in the event of international arbitration.
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The second disadvantage of arbitral proceedings is often their cost.
So what does good faith and fair dealing mean? This is indeed often considered to be very important, even exorbitant. For example, for a disputed value of $ 600,000, in the context of an international arbitration procedure under the aegis of the ICC, the amount of the arbitrators’ fees will be on average $ 30,000 by arbitrator to which are added approximately $ 16000 for administrative costs. You must note that in the event of a successful trial, all of the legal fees must be reimbursed by the unsuccessful party, as well as the costs of the arbitration mentioned above. In the event of loss of the lawsuit on the other hand, the invoice can be relatively salty, since the party which succumbs supports the whole.
Expert advice to avoid a dead end:
As noted in the introduction, open conflict poses enormous risk in commercial law. It is the risk of irreversibly losing business relationships with a client, supplier or any other business relationship. On the other hand, a transaction is not always possible. How do you get out of it? The best way to avoid a conflict is to both stipulate the terms of your future rights and obligations in advance in a written contract, but also to leave the terms of the contract flexible enough to be able to adapt them to future developments in commercial relations. In this perspective, it is essential for the entrepreneur or the wise businessman to consider his contractual relations not as terms engraved in the marble of eternity, but like a garden deserving of the seasons, meticulous and constantly renewed maintenance.