MED-ARB is a hybrid, fast, and confidential process that combines both mediation and arbitration. The arbitrator will only intervene to issue a binding decision if the parties did not reach an agreement through mediation.
ARB-MED-ARB is quite similar to the previous process except that the arbitrator issues a binding decision and keeps it aside, leaving space for both parties to resolve their dispute through mediation. If the parties can't reach an agreement within a time limit, the arbitrator issues the award. Parties can request the suspension of arbitration at any time to allow for mediation.
The above methods are efficient and flexible. A settlement agreement obtained through these processes is considered a consent award, that is generally accepted as an arbitral award, and is enforceable under the New York convention.
Stay connected and get the latest news and updates from Willminds.
