The advantages of arbitration
Apart from mediation, is there any other non-jurisdictional method to resolve conflicts or controversies? Is it really useful? Well, arbitration seems an effective procedure to solve conflicts in an extrajudicial way with the following advantages that we will detail next.
We will start, as is logical, defining what is arbitration, this is a procedure by which a dispute is submitted to an arbitrator, or to a tribunal of arbitrators (composed of 3 or 5 members), with the objective of that impartial part dictates a decision (arbitration award) which is mandatory between the parties.
As main characteristics it is necessary to emphasize that it is a consensual procedure, that only agreement between the parties can be possible. In addition, as is logical, the parties designate the arbitrator, who will be totally neutral and who will also be subject to the applicable law, language and place of arbitration, which may also be agreed by the parties, so that none has the slightest advantage over the other. Finally, it should be noted that this is a completely confidential procedure and that its resolution, always executed by the national courts, will be mandatory between the parties.
As for its advantages, the one that stands out is its agility and speed, since the parties agree on the terms in which all the actions will be developed, in case there is no agreement, the conflict will be resolved in 6 months. This is due to the greater availability of arbitrators with respect to judges and jurisdictional courts.
Its second main advantage is economic, because it is a simpler procedure because it ends with an arbitral award which is mandatory and against which there is no recourse, so it cannot be appealed or by appeal or cassation, so in a single instance the solution to the conflict is obtained and no extra costs are generated due to the lack of subsequent resources. There is no need for legal assistance, although it is recommended.
As for the applicable regulations, arbitration in Spain is regulated by the Law 60/2003 of December 23, in addition to having signed the New York agreement of June 10, 1958 on the recognition and enforcement of foreign arbitral awards.
I hope we have solved all your doubts regarding a procedure as useful in Spain as it is arbitration, if not, here we will be to resolve them.