1. Resolve disputes quickly
Commercial arbitration brings many important benefits to businesses in resolving disputes effectively, fairly and quickly, while also ensuring transparency and trust in commercial transactions. Quick dispute resolution through commercial arbitration is one of the important benefits that businesses can achieve.
Enterprises can choose their own arbitrator right from the agreement stage or right when a dispute occurs. This process is often faster than having to wait for a court hearing. In addition, commercial arbitration proceedings are often faster and more efficient than litigation in court. Arbitration proceedings can be tailored to meet the specific needs of the parties and the particular dispute, allowing for more efficient and effective resolution. For example, the parties may agree on the language to be used in the arbitration proceedings, the number of arbitrators and the place of arbitration. As a result, disputes can be resolved more quickly and cost-effectively, allowing the parties to continue their business operations.
In some cases, traditional litigation processes may be delayed due to complex legal procedures and waiting times for trials. Commercial arbitration minimizes this risk by providing a faster dispute resolution process and does not depend on court schedules (only 1 trial instead of multiple levels: first instance, appeal, jury). trial, retrial). The decision of a commercial arbitrator is usually effective and legally binding immediately after it is made and confirmed. This helps businesses take necessary measures immediately after a decision is made.
2. Security and privacy
Confidentiality and privacy are demonstrated in that arbitration proceedings are confidential, meaning that the proceedings and any information disclosed during the proceedings are not made public. This confidentiality can be especially important in international trade, where parties may be concerned with protecting their reputation or sensitive business information.
In business, businesses are often interested in protecting their reputation and business information. The commercial arbitration process ensures that disputes do not become public, thereby helping to preserve and protect the reputations of the parties involved.
Although the commercial arbitration process is confidential, it ensures transparency and trust. Arbitration decisions are often recognized internationally and are highly legally binding, thereby enhancing trust and effectiveness of the dispute resolution process.
Confidentiality and privacy in commercial arbitration help minimize risks arising from important business information being disclosed without their permission. This is especially important for businesses operating internationally, where protecting business information is critical to maintaining competition and legitimate trade.
3. Minimize costs and time
One of the benefits of commercial arbitration is cost savings compared to litigation in court. Arbitration proceedings are typically less public than court proceedings and require fewer legal resources, making them a more cost-effective option for dispute resolution. . In addition, the costs of the arbitration process are often divided equally between the parties, thereby reducing the financial burden on each party compared to court proceedings, where costs may not be divided fairly.
Commercial arbitration has a more flexible arbitration process and is not bound by many procedures. The commercial arbitration process is often designed to optimize the dispute resolution process, thereby reducing unnecessary procedures and increasing efficiency in dispute management and handling. Commercial arbitration decisions are highly legally binding and are often recognized internationally. This helps ensure implementation and compliance with decisions, thereby minimizing future disputes.
4. How to resolve disputes using Bigboss International Commercial Arbitration Center
To resolve disputes by commercial arbitration at BBIAC. Customers can write in the contract one of the following two contents:
4.1. Model Arbitration Clause
“Any dispute arising out of or related to this contract shall be resolved by arbitration at the BIGBOSS International Commercial Arbitration Center (BBIAC) in accordance with its Arbitration Rules.”
In addition, the parties may add:
(a) the number of arbitrators is [one or three].
(b) the place of arbitration is [city and/or country].
(c) the law applicable to the contract is [ ].*
(d) the arbitration language is [ ].** Note: *
Only applicable to disputes with foreign elements **
Only applies to disputes with foreign elements or disputes in which at least one party is a foreign-invested enterprise.
4.2. The Model Arbitration Clause applies to summary proceedings
“Any dispute arising out of or in connection with this contract shall be resolved by arbitration at the BIGBOSS International Commercial Arbitration Center (BBIAC) in accordance with its Rules of Arbitration. The parties agree that the arbitration proceedings will be conducted in accordance with the Summary Procedures set out in Article 37 of the BBIAC Arbitration Rules.”
In addition, the parties may add:
(a) the place of arbitration is [city and/or country].
(b) the law applicable to the contract is [ ].*
(c) the arbitration language is [ ]. **
Note:
* Only applies to disputes with foreign elements
** Only applies to disputes with foreign elements or disputes where at least one party is a foreign-invested enterprise
