FIVE ADVANTAGES OF INSERTING AN ARBITRATION CLAUSE IN CONTRACTS
Lima, October 21, 2016.- The arbitration clause can be inserted in contracts entered into by private companies, public entities or individuals, so that in the event of any dispute arising out of the contract, the parties can resolve the dispute through arbitration without resorting to the Judiciary. Roger Rubio, Secretary General of the Arbitration Center of the Lima Chamber of Commerce, explains the main advantages of inserting an arbitration clause in contracts.
1. Arbitration can settle disputes arising from all types of contracts entered into by individuals and companies.
2. Cases are settled in less than a year, compared to the years these can take in the Judiciary.
3. Dispute resolution is settled by renowned attorneys-at-law who are part of the list of arbitrators of the CCL.
4. The arbitral award is final, unappealable and cannot be reviewed in substance by the Judiciary.
5. All interested parties can follow-up on the arbitration process real time through the “Arbitration Online” platform of the Lima Chamber of Commerce.
These advantages are addressed in the different panels of the 5th International Symposium on Arbitration which will be held on October 24 and 25 in the Lima Chamber of Commerce.