We as Best ARBITRATION LAWYERS | TOP LAW FIRMS KARACHI PAKISTAN have a great responsibility on our shoulders to provide services that no other firms can provide. mediation is a legal proceeding that takes place outside the Court but still results in a final and legally binding decision similar to a court judgment.
The Parties involved in arbitration are effectively opting out of the court system and submitting their case for resolution by a neutral, third-party arbitrator. The reasons for selecting arbitration vary from case to case. Arbitration is recognized world’s most effective legal system after a Court proceeding. It is faster, less expensive, and more informal than going to court. It also has the advantage of being private and confidential. It opted by almost every party having agreement across the border parties for trading and services.
The arbitrator is a method of dispute resolution in which a neutral third party, an arbitrator, conducts hearings and/or reviews written submissions from the parties. Upon consideration of the evidence, the arbitrator makes a legally binding decision that can be enforced in the same manner as a civil court judgment.
The arbitrator differs from mediation in that once you enter the arbitration process, you are bound by the arbitrator’s decision. Mediation is a negotiation process, in which the mediator helps the parties negotiate a mutually acceptable solution.
We, Best ARBITRATION LAWYERS, | TOP LAW FIRMS KARACHI PAKISTAN, attend Arbitration hearings on behalf of the parties involved, their attorneys, the arbitrator, and the parties’ witnesses. Each party makes an opening statement, presents evidence, questions and cross-examines witnesses, and makes a closing statement. During this presentation, formal rules of evidence generally do not apply. Alternatively, arbitration can be conducted with written submissions only in appropriate cases. The arbitrator then renders his or her decision or award.
International Arbitration has become a developed phenomenon in Alternative Disputes Resolution (ADR). Although international and domestic mediation are governed under different law regimes a friendly domestic arbitration practice serves as a good base for international arbitration to grow in a country. mediation friendliness is considered to be a requirement for a country to progress in international mediation.
In 1958, Pakistan promulgated the New York Convention on Recognition and Enforcement of Foreign Awards, 1958 (hereinafter referred to as the “New York Convention”) and came to the list of initial signatories of the Convention. Pakistan promulgated Recognition and Enforcement (mediation Agreements and Foreign Arbitral Awards) Ordinance, 2005.