Arbitration is gaining popularity as a preferred method of resolving disputes due to its privacy and confidentiality benefits.
Bobby Banson, Lead Consultant for Robert Smith Law Group, highlighted the advantages of arbitration over court proceedings on Joy News’ “The Law.”
Banson explained that arbitration allows parties to settle disputes in a private setting, unlike courts where proceedings are open to the public. He emphasized that the confidentiality of arbitration protects the interests of both parties involved, as the details of the case remain undisclosed to the public.
One key advantage Banson mentioned is the ability for parties to control who is present during the proceedings and to keep the final verdict confidential. Unlike court cases, where anyone can access information through a Right To Information (RTI) request, arbitration offers a level of discretion and control over the process.
Furthermore, Banson highlighted that multilateral corporations often opt for arbitration to resolve their disagreements due to its confidential nature. Even after the final judgment, the details of the arbitration remain private, and unauthorized publications are prohibited without the consent of all parties involved.
