FAST TRACK ARBITRATION
Court trials are normally very time-consuming. Consequently, parties are sometimes interested in resolving their legal disputes
- in a pleasant atmosphere,
- and without causing a lot of damage,
- because the business relationship is at stake.
We have many years of experience behind us in numerous commercial court proceedings and arbitration processes. Our new product has therefore been designed to resolve even complex arbitrations within a short period of time, and without leaving scorched earth behind.
We offer the entire organization and execution of the procedure as arbitrator of an ad hoc arbitration tribunal.
We are strictly neutral towards both parties during the process and assume unlimited liability for it.
We have developed model arbitration agreements which enable a fair, cost-effective, and swift procedure.
The principles of the proceedings are shaped by
- efficient arbitration management,
- strict time schedules which do not allow delays,
- the prevention of cost explosions,
- an executable arbitration award, equivalent an executable court order, and
- fair procedures which prevent emotions being stirred up.
Unlike trials before state courts, fast track arbitration is characterized by:
- A short time-span
- Quick decisions being reached because parties are obliged to collaborate, e.g. they are obliged to submit expert opinions at due dates (delays in preparing/presenting expert opinions is one main reason why trials can take so long). The arbitration tribunal itself does not commission expert opinions.
- Consensus being reached by the parties in the arbitration agreement as to relevant deadlines
Fast track arbitration is an ideal option for parties who continue working together during and after the procedure. Naturally, fast track arbitration is also suitable for all other types of procedures.
Fast track arbitration saves time and money: swift arbitration management ensures that no time is lost in repeatedly having to prepare information and documents during long intervals.
Here is a practical example:
Two commodities traders are arguing whether the contract was fulfilled or whether a claim for damages needs to be filed. They know that they will have to continue working together in the future because the market is tight and that they cannot avoid each other. Due to the fact that a lot of money is at stake and an amicable solution can no longer be reached, they opt for fast track arbitration based on the following principles:
The mutually agreed upon arbitrator, Dr. M****** B****, decides the following as per the jointly developed and mutually accepted arbitration agreement:
- Following action(s) and defending answer(s), both parties have four weeks to revise their arguments and collect additional evidence for a second round.
- Each party may submit expert opinions to the arbitration tribunal. The arbitration tribunal itself is not entitled to commission such opinions.
- The time schedule will be mutually agreed upon and strictly implemented.
- Each party has the right for (third) parties and witnesses to be heard for X amount of hours. This prevents delays caused by endless hours of interrogations.
- The tribunal will meet for X amount of blocked days and will thereafter pronounce an award. This prevents repeat preparation which always arises if parties only have a hearing once every six months.
In this case, arbitration was completed within half a year. A state court trial would have lasted a couple of years and would have been a very costly affair.
The procedure ensured that no party could unjustly cause a delay, and a final arbitration award solved matters within a short period of time.
We advise both parties – yet only together – neutrally and objectively in developing an individual arbitration agreement. One prerequisite, however, is that we conduct the proceedings as the sole arbitrator.
We also function as counsel of parties for such arbitration procedures. Naturally, we cannot then act as arbitrators.
Just contact us. We will provide all necessary information at short notice.