Something Special About Arbitration

Release:2019-11-26   Source:   Click:976

 

Something Special About Arbitration 

  1. Fair and independent. An arbitration commission exercises independently its right to arbitrate in accordance with the laws, and shall not be subject to the interference of any administrative organ, social organization or individual.


 2. Efficient and authoritative. The arbitration award shall be made once and final. Once the award is made, it shall have legal effect and have the same enforcement power as the court’s decision. If one party fails to perform, the other party may apply to the court for enforcement.


  3. Voluntary. Whether or not arbitration shall be used to resolve disputes depends on the will of both parties. Arbitration cases would be also acceptable if no arbitration agreement was made beforehand but afterwards. However, cases would not be accepted by arbitration institution if either party file a lawsuit to the court, even if the arbitration agreement can be provided. No level or district jurisdiction system shall be applied in arbitration. The arbitration institution assigned to the dispute shall be agreed upon negotiations between both parties. The parties may also voluntarily choose arbitrators, the way of making a tribunal and the way of trial.


  4. Confidential. Arbitration is usually not an open process, therefore it can better protect the secrets, maintain the image and reputation, and keep the cooperative relationship of both parties.

 

 

 

 

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