Today everyone is aware of the arbitration mechanism’s benefits. Arbitration is commonly referenced in international commercial contracts. You can see arbitration clauses in many contracts. This dispute settlement mechanism is more flexible and less formal than litigation.Confidentiality, Enforceability, Neutrality, Speed and Flexibility are the other advantages of arbitration.
Articles 454 to 501 of the Code of Civil Procedure outline the arbitration related issues. What is more, the International and Commercial Arbitration Act is considered the most modern arbitration rules in Iran and this is essentially based on the UNCITRAL Model Law. Moreover. For resolution of domestic and international disputes, the ACIC is considered the first institution to incorporate institutional arbitration into the Iranian legal system.
It goes without saying that Arbitrators play a vital role in arbitration proceedings. Hence, one should keep in mind that choosing people without any legal background as arbitrator is a risk. It is best to choose experienced arbitrators or refer the disputes to arbitral institutions.
Libra’s specialism helps to keep your costs down. If you need any legal service related to arbitration or ADR, our experienced lawyers can guide you.