In review of the 2020 statistics from various arbitral institutions, the clear message is that international businesses have had a taste of virtual arbitrations and they like it. Record-breaking caseloads (and amounts in controversy) have been seen across most of the arbitration institutions, and anecdotally, practitioners indicate they have seen the greatest number of cases they have had in years, if not ever.
We fully expect the trend to continue among those in the international arbitration industry towards more remote and virtual options for handling disputes. And why not? Arbitration is the perfect mechanism for businesses to adopt the best practices for use of technology, because it originates from the parties’ freedom to contract. Parties can tailor the clauses to the clients’ preferences, including those for cost reduction, travel and safety considerations, and the need for efficient resolution.
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