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Commercial arbitration offers freedom and flexibility in resolving disputes -Lawyer

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Private legal practitioner, Bobby Banson, has emphasized the importance of utilizing Ghana’s arbitration system for resolving disputes

. In a recent interview on The Law on JoyNews, Banson highlighted the benefits of commercial arbitration in Ghana, noting that it provides parties with the freedom and flexibility to reach amicable resolutions.

He explained that decisions made during arbitration are final and binding, akin to court rulings, but with the added advantage of swift settlements without the delays often associated with traditional court proceedings. Additionally, parties engaged in arbitration have the autonomy to choose the arbitrators, the arbitration venue, the applicable law, and other pertinent details related to the dispute.

Banson illustrated this freedom by mentioning the scenario of Lebanese businessmen operating in Ghana who prefer Lebanese law to govern their agreements. He stressed that arbitration offers parties the liberty to tailor the resolution process to their specific needs and preferences, thereby enhancing efficiency and effectiveness in dispute resolution.

Moreover, Banson underscored the importance of a clear and unequivocal agreement to engage in arbitration, either before or after a dispute arises. He also emphasized that arbitration offers greater privacy and confidentiality compared to court proceedings, safeguarding the interests of both parties involved.

Overall, Banson’s insights shed light on the advantages of arbitration as a dispute resolution mechanism in Ghana, highlighting its flexibility, efficiency, and confidentiality. As businesses and individuals navigate legal disputes, leveraging the arbitration system can offer a streamlined and effective path to resolving conflicts while protecting their interests.

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