Arbitration is termed a process that is used to solve disputes, issues, problems, and disagreements. It is commonly known as the alternative dispute resolution. It is aimed at resolving the dispute outside the judiciary courts in the UAE. The dispute is submitted following an agreement of all the main stakeholders. The procedure may involve more than 1 arbitrator. Arbitrators are the facilitators who make efforts for a binding decision on a specific dispute or matter. Law Firms in Dubai are famous for providing the legal services and arbitration services. Contact them online or with a source. Arbitrators and Lawyers in Dubai are the top legal professionals in UAE.
Besides, the parties enjoy the freedom to choose a private dispute resolution process. Individuals and companies who intend to resolve a matter outside the courtroom prefer arbitrations. Arbitrators will assist in deciding about the dispute considering the best interests, obligations, responsibilities, rights, laws, and many other crucial factors. They collectively render the arbitration award.
Arbitration is a lucrative way to settle disputes and disagreements among parties. The parties can amicably agree upon the decision to have 1 or more than 1 arbitrator. He assists in making the final verdict. Nowadays, a great number of people and organizations rely on this to avoid trials and legal proceedings in the courts. It is adopted by people to avoid litigation or court proceedings. Some of the key points that need to be accounted for while engaging in arbitration are the following:
The clause states any disputes will be resolved through the procedure of arbitration. In case of an existing dispute, the relevant parties shall mutually agree to opt for arbitration rather than litigation. The parties need to pick the arbitrators before commencing the arbitration process. The parties enjoy the liberty to choose a single or more arbitrator.
They are included in the tribunal. Each party may select at least one arbitrator. In case a party chooses two, it is called a presiding arbitrator. The biggest benefit of arbitration is its neutrality. It allows the process to be neutral. The related parties may choose crucial elements. The elements include the applicable laws in the UAE, language, and location.
Where the arbitration takes place, the parties can decide which is not present in the litigation process. Ultimately, this ensures that no one party has an advantage over the other. Confidentiality is preserved in arbitration. It is famous due to the factor that it is a private procedure. The rules and the entire process protect the confidentiality of the arbitration’s existence.
Any information may remain hidden and under the covers. It is only shared during the process and during the final decision, which is not publicly disclosed to anyone. In some special cases, the parties can easily restrict access to the more sensitive information.
The Final Decision is made with the assistance of the arbitrators. The decision made by them is considered to be final. The decision is made if the parties agree upon it. Nevertheless, the decision is followed promptly afterward.
The traditional court setting is orthodox, limited, and strict. Arbitration brings with it a lot of advantages. Therefore, it is made a preferred choice for seeking a dispute resolution. Arbitration shares a great deal of similarities with court settlement or litigation. Litigation is the opposite of arbitration. This is a more attractive and customer-appealing option.
The process is private and thus the privacy of a person remains intact. Additionally, it not only maintains confidentiality but also offers a quick solution. Arbitration is much faster as compared to the process of litigation. Besides, it is less expensive compared to traditional court proceedings which exhaust too much capital on litigation. People and companies need to spend a lot of energy, effort, money, and resources.
In recent times, the UAE has made efforts to enforce the proper mechanism. Due to the global recognition through the New York Convention, a lot of progressive countries are adopting it. Nonetheless, almost more than 150 nations across the world have adopted it. UAE is not lagging in enforcing the arbitration awards in the region. The UAE has enacted the Federal Law Decree of 2006. This is a clear-cut signal that the country is committed to the New York Convention.
The UAE has a proper arbitration framework in the country; It is governed by Federal Law which covers the process of ‘Arbitration.’ Arbitration law covers all crucial aspects to facilitate alternative dispute resolution. The Arbitration Law in the UAE provides guidelines about the process for enforcing an arbitral award in the country. It is initiated from the submission of the request.
To enforce an arbitral award, a party should submit the request. Following this, the confirmation letter is given. Besides, the enforcement to the chief justice of the Court of Appeal is given. The request must include the following necessary documents. The parties need to submit the original award or a certified copy along with a copy of the Arbitration Agreement.
Additionally, an Arabic translation of the award is needed which should be verified. If any other language is used other than Arabic, the verification is compulsory. Alongside this, a copy of the minutes of the deposit of the award in Court is also essential. Impartiality is ensured by setting a strict ground. The main emphasis is to function without any bias or partiality. Efforts are made to ensure a dispute resolution neutrally. The recent enforcement undermines the UAE’s commitment to the best practices.
With their services, they ensure the smooth functioning of the arbitration process. Besides, they help in drafting the clauses as they have sound knowledge about the mechanism.