Things to know about the Advantages of Arbitration | THAC

 THAC Rules provide a state-of-the-art procedural framework for dispute resolution by arbitration. All parties to a dispute are given the freedom to agree on their own arbitration procedure to be convenient, time-saving, cost-competitive, and fair to all sides. Small-sized disputes also have access to this arbitration service.

FASTER

Arbitration is often faster than litigation in court, and a time limit can be placed on the length of the process.

FLEXIBLE

Flexibility, especially procedural flexibility is the allurement of arbitration because it allows parties to set terms in their arbitration contract governing how the process will work. It also gives them freedom to agree to a suitable procedure in accordance with the dispute.

COST EFFECTIVE

Arbitration is considered to be cheaper than litigation especially because less time is spent to resolve a dispute. Also, rules of evidence and discovery are limited thereby leading to a considerable reduction in the costs.

PRIVATE PROCESS

Arbitration is a private process where only designated parties are in attendance and the proceedings are strictly confidential. Litigation on the other hand is a formal process conducted in a public courtroom. This feature is an aid as in certain cases the revelation of the subject matter of the dispute might affect the reputation of the company. It also allows the parties to focus on the dispute rather than the public impact.

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