Explain five advantages of arbitration as a form of settling disputes

Explain five advantages of arbitration as a form of settling disputes

ANSWER

Advantages of arbitration

• Cheap –it costs less to see a case through arbitration
• Flexibility –arbitral tribunals are not bound by previous awards or strict rules of procedure.
• Speed –it is a faster method of dispute resolution
• Convenience –parties are free to determine the venue, language and timing of arbitral proceedings.
• Informality –free from legal technicalities which characterize ordinary courts.
• Privacy –arbitral proceedings are conducted in private free from undue publicity.