Arbitration is defined as “the settling of a dispute between two parties by the use of one or more independent third party.” Arbitration Law in Ireland is governed by the Arbitration Acts of 1954, 1980 and 2010.
What are the Advantages of Arbitration?
One might use Arbitration to resolve their dispute as these proceedings are held in private. They are not reported on or made known to the public.
The arbitral process can be less expensive and expeditious compared to court proceedings. Therefore, one might use Arbitration as a means to resolve disputes because of its financial benefit.
An Arbitrator whom is an expert in the disputing field is usually chosen to assist in disputes. Therefore, one would be receiving the help of a professional, who has a wealth of knowledge and experience in that specific area.
The Arbitrators decision is final and biding to all parties. This is not like court proceedings where one can always appeal a ruling. While there are certain situations where an Arbitrators decision can be appealed, this exception generally relates to technical errors made by the arbitrator and have nothing to do with starters or resources of the parties.
The Arbitration process in Ireland
The first step in dealing with disputes through Arbitration is to appoint an Arbitrator. This appointing can be done by contacting a solicitor.
- An Arbitrator can be appointment through the following ways;
- If a dispute arises under a contract which contains an arbitration clause. Then usually the provisions of that clause should be followed, unless otherwise agreed by both parties. This is obligatory and proceedings may be initiated by either party.
- Both parties may agree between themselves on the selection of an arbitrator, although this rarely occurs.
- The Parties may apply to the Chartered Institute of Arbitrators at 8 Merrion Square Dublin 2 to request the nomination of an Arbitrator.
- The parties may apply to the court directly and request that a dispute be referred to arbitration. If the application is successful, the court then will appoint the arbitrator.
Once an arbitrator has been appointed, the arbitrator will then arrange a preliminary meeting between himself and the representatives of the disputing parties. This initial meeting sets out the procedure to be followed for the hearing, the fees chargeable by the arbitrator, and the timeframe for the hearing of the dispute. The parties are free to represent themselves or have a solicitor or barrister act on their behalf.
The time required for the procedure varies for different disputes but usually the process should be completed within 2 to 3 months.
The Arbitrator will normally award a short statement setting out the payment of damages and costs etc. Such award can be enforced through the courts if necessary. The award is usually issued upon payment of the Arbitrators fees for their services.
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