A faster, cheaper and just as legally-binding process of dispute resolution — other than the traditional is now available. London Arbitration and Cryptography Chamber uses new technologies in arbitration: electronic document interchange, digital sinatures and videoconferencing.
In summary, the Arbitration process is a legal mechanism for the resolution of disputes outside the courts. The parties in dispute simply refer the case to one or more persons (the “arbitrators”, “arbiters” or “arbitral tribunal”) by whose decision or “award” the parties agree to be bound. Basically, Arbitration is a settlement technique in which an independent third party reviews the case and imposes a decision that is legally binding for both disputing sides.
The first recorded judicial decision relating to Arbitration was in England in 1610. The process has subsequently been enshrined in various legislations to gain global recognition and authority by the:
* Arbitration Act of 1697
* Jay Treaty of 1794
* Geneva Protocol of 1923
* New York Convention of 1958 (on Recognition and Enforcement of Foreign Arbitral Awards)
* European Convention of 1961
* Washington Convention of 1965 (governing Settlement of International Investment Disputes)
* The UNCITRAL Arbitration Rules