Summarise the advantages of arbitration as a form of settling disputes

Summarise the advantages of arbitration as a form of settling disputes

ANSWER

• Informality: free from technicalities which characterize ordinary courts of law.
• Speed: it is a faster method of dispute resolution.
• Cheap: there is a saving on cost.
• Less acrimonious: it tunes or tones down acrimony.
• Convenience: parties are free to chose the timing, language and venue of the proceedings.
• Relieves overburdened courts: entertains disputes which otherwise would have gone to court.
• Expert knowledge and specialization: parties are free to appoint the most experienced arbitrator to hear their case.
• Privacy: proceedings are conducted in confidence, free from public scrutiny.