Dear Businessmen; Arbitration became one of the most popular aspects of modern times. Being an integral system through which trade disputes may be settled, arbitration is now adopted because of its multi-advantages and significance as far as commercial dealings or transactions are concerned. For practical considerations, it is now a common knowledge to agree on arbitration as a means for referring certain disputes to persons in whom litigants lay their confidence. This, of course, much for better than bringing a suit before the courts of law, since it avails the opportunity to take the advantage of the arbitrators' experiences and to avoid controversial international laws, a fact which accordingly leads to save all the time; money and efforts which would otherwise be spent over many sessions at the courts of law. On the 10th of February, 1993, Abu Dhabi Chamber of Commerce & Industry established a specialized centre to settle trade disputes through conciliation and arbitration. The Centre kept panels to register the names of specialists in the fields of conciliation, arbitration, expertise and translation. Conciliation is considered one of the amicable means to which disputed parties resort in order to solve their trade disputes. Conciliation is conducted through a mediator accredited by the Centre or selected by both disputed parties However, the conciliator's decision concerning a dispute in question is not considered abiding for any of the two parties, but it has the nature of recommendation on a proposal conducting to dispute-solving. Arbitration is considered an instrument of agreement to which disputed parties are resorting to solve their trade disputes. It is conducted through one arbitrator or more nominated by the Centre or the parties. as to the case. The arbitrator's decision is viewed as a final dispute settlement having the power of execution once being acquired by the concerned court of law. P.O.Box: 662, Abu Dhabi, U.A.E, |