The numbers of offshore investments or joint ventures have increased in the recent years with the numerous emerging economies all around the world. However, there is always the possibility of such ventures going bad and leading to disputes. Arbitration is one of the settlement methods that are trusted by international investors due to the concerns related to local courts’ reliability.
- Communication with the other party – Staying in contact with the other party is important for a company, as both have to decide on the arbitrator and arbitration rules. Regular communication is the key to achieve these goals and resolve the dispute in time. Even if both firms are at odds with each other due to aspects like violation of contracts, failed venture, and financial matters, they have to come together and settle on arbitration, if they want the conflict to be resolved quickly.
- Communication with the arbitrator – Regular contact with the arbitration firm is also essential during the process. It helps companies in staying on top of the procedure and knowing that everything is going smoothly. However, such communication has its limits, in order to avoid emergence of another conflicts with the other party.
It shows that communication is an important part of arbitration, when it comes to obtaining unbiased, quick and cost effective verdicts in dispute resolution. This is the reason why many companies from industries like mining, chemical, hospitality, infrastructure, shipping, steel, transpiration, oil & gas, telecommunications, and real estate, trust arbitration.
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