Commercial arbitration has become a common and effective means of resolving disputes outside traditional judiciary, particularly between companies and individuals. The article explains the steps of commercial arbitration, starting from filing the arbitration request, selecting arbitrators, hearing sessions, up to issuing and implementing the award.
The article also discusses the advantages of arbitration such as speed, confidentiality, flexibility, and avoiding lengthy and complex court procedures, compared to traditional methods. It also addresses cases of disputes where arbitration is preferred, including international contracts and trade between multinational companies, making it a strategic choice for risk management and protection of commercial interests.
