Dispute Resolution & Arbitration
What is arbitration?
Arbitration is a method of dispute settlement using private entities known as "arbitral tribunals".
Arbitral tribunals usually consist of either one or three arbitrators. The primary role of an arbitral tribunal is to apply the law and make a dispute decision by administering a so-called "arbitral award".
In principle, arbitral awards are final and binding. They can only be challenged before a state court under exceptional circumstances. For example, it applies to cases where the parties never validly agreed on arbitration. Arbitral awards can be enforced in most countries worldwide.