What is Arbitration?
Arbitration is a form of dispute resolution, where the parties agree that the dispute will not be decided by a state court, but rather by a panel of arbitrators. In comparison to state court proceedings arbitration is faster, less expensive and offers a higher degree of confidentiality. Furthermore, parties are able to shape the proceedings to a great extent (e.g. language, seat of arbitration, applicable law and the arbitrators) to the need of the parties involved.
CIMAC is competent to administer disputes, when the parties have agreed the Rules of Arbitration (CIMAC Arbitration Rules),. This agreement can be either part of the contract governing the subject matter of the dispute or can be agreed on also after the dispute has arisen.
The main advantage of the CIMAC Arbitration Rules is their flexibility which enables the parties and arbitrators to tailor the proceedings exactly to the needs of the parties and their dispute. Another advantage is the binding schedule of fees which means that administrative costs as well as arbitrators’ fees are fully predictable for the parties already at the outset of the proceedings by using the cost calculator.