Banks and financial institutions traditionally have favoured litigation over arbitration as the means of resolving international disputes. The reasons often given include: (i) financial disputes typically involve straightforward payment claims and do not involve complex legal questions or fact finding, with the latter more suited for arbitration; (ii) arbitration does not provide for the possibility of default judgments or summary judgments, and as a result arbitration is not as efficient and cost effective as court proceedings; (iii) disputes about the tribunal’s jurisdiction may lead to unnecessary delays; (iv) arbitrators tend to render more equitable decisions than judges; (v) the flexibility of the arbitral process creates legal uncertainty; (vi) banks appreciate control of decisions by higher courts on appeal; (vii) arbitration can permit unnecessarily extensive document production (particularly compared with civil law courts); (viii) arbitration is problematic in multi-party disputes; (ix) arbitral confidentiality means that proceedings cause less embarrassment to the debtor; and (x) awards have limited precedential value.
CERTIFICATION ISSUED BY:
Arab Arbitration Society (AAS) International arbitration sector in all aspects, is an integral part of the law and the business sector in the world ,the Arab Arbitration Society it’s the bridge of communications.
- Arab Arbitration Society
- High Authority Council for Arab Bankers (HACAB)
- Lawyers, legal advisers, judges, prosecutors, police officers, senior stakeholders, professors, law faculties in universities, accredited arbitrators.
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