Advantages of arbitration
- Cheap –it costs less to see a case through arbitration
- Flexibility –arbitral tribunals are not bound by previous awards or strict rules of procedure.
- Speed –it is a faster method of dispute resolution
- Convenience –parties are free to determine the venue, language and timing of arbitral proceedings.
- Informality –free from legal technicalities which characterize ordinary courts.
- Privacy –arbitral proceedings are conducted in private free from undue publicity.