Arbitration is an alternative method of conflict resolution by means of which the parties, through a clause inserted in a contract or by an arbitration agreement, indicate that they want their existing or future conflicts to be submitted to a private dispute resolution procedure.
The advantages of choosing arbitration are:
- Matters will be handled under strict confidentiality rules.
- The conflict will be settled by third-party experts and knowledgeable about the subject of the dispute.
- Stakeholders are those who propose to the panel of experts who handle the situation.
- The costs are predictable.
- The conflict resolution time is less than that of the judicial instances.
All commercial matters or not, derived from a contract in which the parties have voluntarily agreed to resolve their disputes through arbitration
It is recommended that the decision to submit your affairs to arbitration be agreed between the contracting parties, at the time of signing a contract or after the conflict arises, through a commitment document.
The model arbitration clause suggested by the Center for Alternative Dispute Resolution is as follows:
“Any litigation, controversy or claim resulting from this contract or related to it, its breach, its interpretation, its resolution or nullity will be submitted to Arbitration. These disputes will be resolved in accordance with the provisions established in the Arbitration Regulations of the Center for Alternative Dispute Resolution of the Santo Domingo Chamber of Commerce and Production. “
The parties may, however, agree on specific aspects of the arbitration, as long as said agreements do not contradict what is established in the Center’s Regulations.