When dealing with lower-value claims or less intricate disputes, rapid or fast track arbitrations are a more cost-effective and quicker way to resolve them. They also save a considerable amount of time. In certain situations, accelerated arbitrations may be completed without the requirement for an oral hearing by submitting fewer documents and employing more efficient methods. To keep expenses down and delays to a bare minimum, they are usually handled by a single arbitrator. Depending on the circumstances, a decision on an arbitration award may be reached within three to six months after the start of the procedure.
In terms of frequency, ad hoc arbitrations exceed institutional arbitrations. When the amount in dispute exceeds a certain monetary threshold, when the parties agree to employ them, or when the institution judges that the procedures are acceptable under the circumstances, expedited proceedings are usually utilized. In case of Expedited Arbitration this works fine.
The basic difference between the quick arbitration processes given by the different organizations in terms of when they are relevant may be found in the amount of money that must be paid to qualify for the process. When a dispute is worth less than US$2 million, the Expedited Process Provisions of the International Chamber of Commerce (ICC) may be utilized to settle it more.
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The utilization of accelerated arbitration processes allows for a faster and more cost-effective resolution of disputes, saving both time and money in the process. In general, oral hearings are abolished in quick arbitration cases, and time limitations are tightened. To give a few instances, a case management conference must be held within 15 days of the file being presented to an arbitral tribunal, and a decision may be made only on the basis of documents, without the necessity for an oral hearing, as required by arbitration rules. The arbitral panel has the power to restrict the number of written submissions, the length of written witness evidence, and the arbitration’s scope.
Parties may exchange statements within ten days of each other under Simplified Arbitration Procedure if they fulfill specific standards. All preliminary processes must be completed within 90 days after the Tribunal’s appointment in order to be eligible for a hearing before the Tribunal. Oral discovery is not authorized unless the parties agree or the Tribunal directs it. Furthermore, witnesses must submit sworn statements of evidence, which are only subject to cross-examination and reexamination throughout the course of the proceedings.
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Rapid arbitration also has the benefit of delivering the final judgment in a short period of time, making it a more efficient way of dispute settlement. For example, the International Court of Justice (ICC) mandates that the final award be made within six months following the case management meeting. The tribunal, for example, may render its judgment only on the basis of the documents presented by both parties, with no hearings or expert exams. The International Court of Justice (ICJ) further stipulates that awards must be made within 30 days of either a hearing or the deadline for filing final written submissions, whichever comes first.
Despite the fact that arbitration is often less costly than litigation, in certain situations it may be prohibitively expensive to use arbitration. By participating in accelerated arbitrations, attorneys have a unique and important potential to bring significant value to their clients’ cases.