Indeed there are so many things that you need to consider, when it comes to choosing the international Arbitration. Arbitration seat is one of the most important factors that can make a huge difference in international arbitration.

Why parties should pay particular attention to the selection of the seat?

Selection of the seat will affect the potential procedural incidents, provisional remedies; those can represent the parties in the arbitration, who can be nominated as arbitrators, the enforceability of the award, the annulment of the award, and cities like Paris, Geneva, London, Stockholm, and New York that are often selected as place of arbitration for their arbitration-friendly laws.

Even more selecting the right arbitration seat can reduce the arbitration cost. With some consideration, you can easily cut off the arbitration cost. When the Amount in dispute is important, it is usually preferable to have a three-arbitrator panel. If the amount in dispute is low, a single person panel will be more appropriate as this will reduce costs of arbitration related to the fees for arbitrators.

To calculate the cost, you can use arbitration cost calculator. Hence, it could be preferable to specify that a single arbitration will be nominated if the amount in dispute is lower than a threshold amount, such as 2 million USD. To the contrary, if the amount of the claim is higher than the agreed threshold amount, the panel will be composed of three arbitrators.

In addition, it is important for parties to agree in advance on the language of arbitration. Here again, this will avoid unnecessary debates and additional points on which the arbitral tribunal will have to decide on. Usually the language of the contract is elected as the language of the arbitration. It can be useful to mention that the mandatory rules of law of the place of the arbitration apply in any case to the arbitration proceedings.

To learn more, feel free to visit https://www.acerislaw.com.