Arbitration as a game-changer in construction dispute resolution!
Did you know arbitration has been revolutionizing construction dispute resolution?
In 2020, the American Arbitration Association reported that construction arbitration cases were resolved a staggering 40% faster than those handled through traditional litigation. According to a study conducted by the International Chamber of Commerce (ICC) revealed that construction arbitration cases typically reach a conclusion 30% quicker compared to
litigation proceedings. This significant timesaving was observed across various construction disputes, ranging from contract breaches to project delays. Such findings underscore the efficiency of arbitration in expediting resolutions within the construction industry.
But it’s not just about speed; it’s about expertise too. In arbitration, parties have the flexibility to select arbitrators with specialized knowledge in construction matters. These experts understand the nuances of the industry, from complex contractual arrangements to technical specifications. As a result, decisions are often more informed and tailored to the specific circumstances of each case.
Imagine a scenario where a construction project is delayed due to unforeseen circumstances. In a traditional courtroom setting, the resolution process could drag on for years, leading to further delays and escalating costs. However, with arbitration, parties can swiftly address the issue, keeping the project on track and minimizing disruptions.
Furthermore, arbitration offers confidentiality, allowing parties to resolve disputes without airing their grievances in a public forum. This not only protects their reputations but also fosters a more collaborative atmosphere conducive to finding mutually beneficial solutions.
In summary, speed, expertise, and confidentiality are prioritized in arbitration, ensuring smoother project delivery and stronger stakeholder relationships.
Do you have a construction dispute? Please feel free to contact us today to schedule a Consultation for Arbitration.
+374 11 201 410
info@amca.am
51 Arshakunyats Ave., area 47, Yerevan, Armenia