The Different Types of Arbitration and Which One is Right for You
International and Domestic Arbitration: Your Guide to Getting the Best from Jeremy Schulman
If you've been injured in an incident and desire to seek compensation, perhaps you are wondering what the method is for filing a claim. An arbitration may appear like a daunting and unfair process, nonetheless it doesn't need to be. With the best knowledge, and the aid of an experienced attorney, you can find the simplest way forward for the case. Read to find out about the benefits of both international and domestic arbitration and how Jeremy Schulman can allow you to make the best decision for the case.
What is International Arbitration?
International arbitration is a procedure where you and another party in your case submit your dispute to an arbiter or panel of arbiters for resolution. It might be more effective than domestic arbitration because it is more efficient and provides more privacy protection. The proceedings are confidential, which could allow it to be a better option if sensitive information must be shared during the length of the case.
What is Domestic Arbitration?
Once you file a lawsuit, you is likely to be given the chance to submit your case to either international or domestic arbitration. Domestic arbitration is when an arbitrator is selected from a panel of arbitrators that the parties select. A domestic panel is typically smaller than an international panel, meaning the fee may be lower. However, there are some downsides to domestic arbitration. The arbitral award can't be appealed, and all evidence needs to be submitted in writing.
Finding an Attorney for Your Case
While both international and domestic arbitration could be beneficial, it's important to see that both processes are not identical. International arbitration is governed by a treaty referred to as the Convention on the Settlement of Investment Disputes (ICSID), while domestic arbitration is governed by state laws.
If you prefer everything resolved quickly with a minimal quantity of hassle, then international arbitration may be better for you. But if you like an arbitrator who will help make sure your rights are protected, then domestic arbitration may be better for you. For many cases, the shape of arbitration that matches best depends on the severity of damages and the amount at stake.