Businesses often choose arbitration for several reasons:
Confidentiality: Arbitration proceedings and outcomes are private, unlike court cases, which are public records. Expertise: Parties can select arbitrators with specific expertise relevant to their industry or dispute. Speed: Arbitration can be faster than traditional litigation, as it avoids the lengthy court process. Cost-Effectiveness: Although not always cheaper, arbitration can reduce costs associated with prolonged litigation. Enforceability: Arbitral awards are generally easier to enforce internationally compared to court judgments, thanks to treaties like the New York Convention.