Abstract:
Actually, Alternative Dispute Resolutions are mechanisms designed to solve disputes outside the scope of traditional jurisdiction. Arbitration is an ideal dispute resolution mechanism to solve disputes arising from business transactions for various reasons, among others, because it allows parties to select a specialist they both trust to solve the controversy with an award that is binding for both parties, but that respects the minimum necessary formalities of the procedure. Additionally, the use of Alternative Dispute Resolutions allows the procedure to be conducted in a faster pace, from any location, and allowing parties to get access to the documents of the procedure at any place at any time.
There is currently legal framework designed specifically for the conduction of arbitration procedures; therefore, the rules for traditional commercial arbitration should be also used. Arbitration requires a legal framework that regulates the use of Alternative Dispute Resolutions mechanisms designed in the procedure, the way in which notifications shall be performed and acknowledgement of receipt granted. The legal framework should also prescribe the obligation of the parties to take the necessary measures to ensure that the security and confidentiality of all the information exchanged in the procedure is kept. Finally, parties should be able to select the extra judicial mechanisms that they may be deemed convenient for enforcing the award in an easy and speedy way.
