Gafta arbitration is a process whereby two parties to a contract can submit their dispute to an arbitrator for resolution. This is an alternative to going to court, and it can be used for any type of commercial dispute. Gafta arbitration is binding, which means that the arbitrator's decision is final and cannot be appealed. In this article, we will take a closer look at what Gafta arbitration is and how it works.
What is Gafta Arbitration?
Gafta arbitration is a process whereby two parties to a contract can submit their dispute to an arbitrator for resolution. This is an alternative to going to court, and it can be used for any type of commercial dispute. Gafta arbitration is binding, which means that the arbitrator's decision is final and cannot be appealed.
The main advantage of Gafta arbitration is that it is typically faster and less expensive than going to court. Additionally, arbitrators are experts in the field and are therefore more likely to understand the issues at hand than a judge who may not have any expertise in the subject matter.
How Does Gafta Arbitration Work?
If you have a dispute with another party that you would like to submit to Gafta arbitration, the first step is to select an arbitrator. The arbitrator must be neutral and cannot have any conflicts of interest. Once the arbitrator has been selected, the parties will submit their respective arguments in writing.
The next step is for the arbitrator to hold a hearing, during which both parties will have an opportunity to present their case orally. After hearing both sides, the arbitrator will render a decision, which will be binding on both parties.
Conclusion
Gafta arbitration is a process whereby two parties to a contract can submit their dispute to an arbitrator for resolution. This is an alternative to going to court, and it has several advantages over litigation, including being faster and less expensive. If you have a commercial dispute that you would like resolved through Gafta arbitration, contact us today to learn more about how we can help you.