Filing a lawsuit is difficult and time-consuming. The process becomes even more difficult when you are trying to file a lawsuit abroad. If both you and the other party can agree to it, a better option might be to work with an international arbitration attorney.
International Legal Issues
The number of conflicts that arise across borders has been growing due to globalization. Even when international partnerships are formed with the best intentions, they will sometimes need outside help to resolve disputes.
Third-party arbitration has a reputation for being fair and is sometimes trusted over foreign courts. However, if you are not sure if you are ready to go through with the process and whether an arbitration service is trustworthy, it's best to consult with a lawyer.
International Arbitration is Fast
Resolving legal issues internationally is challenging because of issues of jurisdiction, different laws, logistics, and linguistic and cultural barriers. However, if you work with a lawyer who is experienced with international arbitration, you will have an easier time overcoming these barriers and your lawyer can advise you on how to resolve disputes through arbitration.
If your goal is to bring a quick resolution to your legal troubles, international arbitration is the best way to do this. With a trial, you will not only have the trial date but will have several hearings. The process tends to be less hostile when it involves arbitration. Not only is arbitration less expensive, but your company understands that time is money.
Common Examples of International Arbitration
A common example of international arbitration is when you have an international investor who would like to bring a claim against you. This is often referred to as "investment arbitration." An investor and a host state can both agree to have all disputes resolved through international arbitration.
After the Decision Has Been Made
The decision is enforceable by the courts. Therefore, you will be able to experience the benefits of state enforcement mechanisms while avoiding the downside of court disputes such as the formalities and how slow the process is. For example, if you are entitled to compensation after arbitration, you may have an easier time holding up the agreement in court.
Because of how informal arbitration is, you are able to decide when the arbitration will occur and also your budget. The arbitrators have authority once both parties agree to arbitration and the relationship is terminated once the arbitration is over.