Arbitration is a formal dispute resolution process whereby two or more parties agree to submit all or certain disputes between them to an independent person called an arbitrator, for a binding decision. Where the Arbitration is seated in New Zealand, the process is governed by the Arbitration Act 1996 and the Arbitration Amendment Act 2007. An arbitrator’s decision, called an award, is binding on the parties and is enforceable as a judgment of the Court.
The objective of arbitration is to provide a flexible and efficient means of resolving disputes quickly, cost effectively, privately and confidentially without necessarily adhering to the formalised, technical procedures of litigation. Whilst arbitration is closely related to litigation, there are several key differences which make it an important and attractive alternative to state litigation. In particular, arbitration gives the parties the power to choose their own decision maker, place and time of a hearing, and as far as they can agree, to control the arbitration procedures which may be varied to suit the nature and complexity of the dispute.
NZIAC operates at the cutting edge of modern and commercial dispute resolution in the Asia-Pacific region, providing fully administered arbitration services governed by its comprehensive suite of arbitration rules, including expedited procedures and access to fixed fee and fee capped services. NZIAC’s services provide parties with the highest quality arbitration services at a realistic and known price.