Arbitration: Effective Dispute Resolution for the Metallurgical Industry

Arbitration is a flexible method for dispute resolution that gives control to the disputing parties while still maintaining a clear and well-structured decision making process. It responds to the desires of the parties for a resolution that is fair, binding and enforceable and is guided more by pragmatism, efficiency, effectiveness and equality than by a need to comply with the legal procedures and practices of any single country or jurisdiction. Arbitration is particularly well suited for the resolution of disputes pertaining to international commercial agreements which are often present in the metallurgical sector. This paper provides a simplified outline of the features and advantages of arbitration as well as commentary regarding certain prerequisites in order for arbitration to be binding and enforceable.