When it comes to expedited arbitration, alterations are made to the process to ensure that the arbitration may be completed in a shorter amount of time, and therefore, at a cheaper cost; this is what the term implies. A single arbitrator will be used, as will reduced time limits for each of the arbitration procedures, as well as more condensed hearings before the single arbitrator in order to achieve these aims.
The Right Time and Option
With the rising time and cost of arbitration procedures, accelerated arbitration has become more popular among those interested in arbitral proceedings’ Arbitration, as a consent-based conflict resolution method, is supported by such regulations because of its inherent qualities of party autonomy and due process. So-called “anti-arbitration” measures encourage arbitral organizations and tribunals to adopt procedures that tamper with the balance between time and expense. In case of Expedited Arbitration this works fine.
- If the amount in dispute is large enough, the parties’ agreement, or if there is a pressing need to reach a settlement quickly, expedited arbitration provisions may be applicable. For rapid arbitration, there are a number of “gateway” procedures that are employed by various arbitration rules.
- To ensure that the parties’ dispute is settled as swiftly as possible, expedited arbitration proceedings generally contain a non-exhaustive list of procedural options available to the arbitral tribunal. Also included are lowering trial times, limiting written submissions in terms of length and scope as well as confining the evidence of fact or expert witnesses in a similar way.
- No attempt is being made to limit an arbitral tribunal’s procedural authority, but rather to help shape discussions between parties and the arbitral tribunal on procedural issues and maybe to strengthen the arbitrator’s resolve to act assertively early on to promote efficiency. Arbitrators’ case management decisions are very difficult to challenge.
An essential benefit of arbitration is that it allows for speedier resolution of commercial conflicts, which has led to its inclusion in most contract dispute resolution clauses. When a quick resolution is needed, expedited or fast-track processes may be included in a contract or employed in a legal dispute. There are several practical issues that need to be solved in order for faster procedures to succeed.
Trade-offs are the most important
There should be no ambiguity about the purpose of accelerated processes, which is to reduce the length of the proceedings in return for a faster settlement of the matter. Anger is likely to ensue if you engage in rushed procedures with incorrect expectations about the length and scope of the proceedings, including those of your counsel.
Relevance of the Dispute
Rapid procedures are the most efficient technique of progressing when the underlying trade-offs are appropriate for a given situation. Some mutual value-creation scenarios where both parties are driven to acquire clarity and move on are good candidates for accelerated processes. If a high-stakes problem, such as a threat to the existence of the whole human race, is involved, the compromises involved are unlikely to be well-suited.