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International Arbitration Experts Discuss Whether Arbitration Is Efficient Dispute Resolution

Mealey's International Arbitration Report

In this article, Ricardo Rincón and Franco Jofré, team members of Miller & Chevalier's International Arbitration practice, discuss features of the arbitral process and advancements designed to enhance arbitration's role as an effective dispute resolution mechanism.  

"Improvements to the arbitral process are important to ensure consistency throughout the process, cost-effectiveness, accessibility, and transparency," expressed Rincón and Jofré. They continue, "[i]n this sense, standardizing arbitral rules, embracing technological advancements, and fostering transparency can be key to strengthen arbitration's position as an efficient and equitable dispute resolution mechanism (. . .) Additionally, innovative digital platforms and recent AI developments are emerging levering new technologies to improve arbitration efficiency.  Blockchain dispute resolution platforms, for example, propose an alternative to centralized arbitral tribunals with the aim to reduce costs and expedite the arbitral process."