It’s easy for business people to confuse the terms arbitration and litigation.
To many, the terms seem interchangeable.
After all, they both are used to resolve business disputes, aren’t they?
While that is true, these two business dispute resolution mechanisms are vastly different.
In the international context, there are many reasons why it is a better choice to arbitrate a dispute rather than resolving things through litigation.
Perhaps the biggest advantage arbitration has over litigation is the enforceability of an arbitration award.
Unlike a civil suit judgment, an arbitration award is enforceable in most countries pursuant to the New York Convention.
To learn about other advantages of arbitration, our law firm created the infographic below.
Please feel free to share with your friends and colleagues.
(click on image to enlarge)