INTERNATIONAL COMMERCIAL DISPUTE RESOLUTION
Litigation
Taking a case to court, where a judge and or jury will decide the outcome. Process follows: filing a law suit; arguments on legal motions; phase of discovery; formal exchange of information; courtroom trial; appeal.
Advantages:
Disadvantages:
Right to appeal
Discovery
Precedent setting
Compliance with judgement enforceable
Lengthy
Can be appealed
Expensive
No privacy to matter
Alternative dispute resolution
Mediation
Arbitration
A voluntary, nonbinding conciliation process
A more formalised process resulting in a binding award.
Disadvantages:
Advantages:
No court intervention
Reach a resolution quicker
Low cost
Privacy
Not formal
No guarantee of outcome
Settlement not binding
Advantages:
Disadvantages:
Cost effective
Procedural advantages
Limited right of appeal
Arbitrator neutral 3rd party
Discovery limited
Limited rights to approach court
Outcome binding