As common these days, Arbitration is an effective way to resolve the disputes and issues outside the traditional court. With businesses located in other States, most of the companies frequently include international arbitration agreements in their commercial contracts, so that if a dispute arises they are obligated to arbitrate before neutral arbitrators rather than to pursue litigation before a foreign court. If you are also planning to go for International Arbitration, then look for these –

1. Choose the best location for the hearings.
2. Consider abandoning post-hearing briefs.
3. Impose time limits on arbitrators to render a final award.
4. Select the arbitration lawyers with sufficient time available to do their work properly.
5. Try to agree with the adverse party on using one language per case.
6. The Chairman or President should be authorized to take procedural decisions alone in cases with three arbitrators.
7. Ask meetings to take place via videoconference.
8. Encourage legal counsel to set out the case as fully as possible at the outset of the proceedings
9. Encourage keeping hard copies to a minimum.
10. Agree on non-certified translations.
11. Limit the number of witnesses.
12. Limit the number of exchanges of witness statements.

You should look for the above-mentioned things, while going for arbitration. Also, avoid ad hoc arbitration when possible. It is usually better to have a well-known arbitration institution overseeing the procedure to ensure that it stays on track and that ICSID arbitration lawyers are working to the best of their ability and meeting deadlines. The administrative costs paid to such arbitral institutions are much smaller than the overall cost of any given arbitration, and they are likely to pay more than themselves in terms of the overall cost-effectiveness of the arbitration proceedings.

For more information, get in touch with renowned ICSID arbitration lawyers. Their ICSID Arbitration Lawyers Desk is a dedicated team of lawyers, which accompanies clients involved in ICSID investment arbitrations, where the ICSID Arbitration Rules apply or the dispute resolved under the aegis of the ICSID. To learn more, visit https://www.acerislaw.com/.