HOW ARBITRATION HELPS YOUR BUSINESS
Arbitration is an effective mechanism for resolving civil disputes, offering parties flexibility, independence, and efficiency in decision-making. Unlike litigation, arbitration provides several advantages that make it the preferred choice for businesses and organizations.
In Kazakhstan, civil disputes are successfully resolved by the "Atameken" Arbitration Center under the National Chamber of Entrepreneurs of the Republic of Kazakhstan.
Key Advantages of the "Atameken" Arbitration Center
- Choice of Law and Arbitrators. If one party to the contract is a non-resident, the parties can determine which country’s law will apply in case of a dispute. Additionally, the parties independently select arbitrators with the necessary expertise in the relevant field.=
- Time and Cost Efficiency. Arbitration proceedings take less time than litigation and allow greater flexibility in scheduling hearings, determining locations, and setting conditions. Arbitration fees are lower than state court fees.
- Confidentiality. Unlike state courts, arbitration hearings are held behind closed doors with only the parties involved. Information about the proceedings and dispute details is not disclosed, and the final decision is not published online.
- Finality of Decisions. Arbitration decisions are not subject to substantive review by state courts, eliminating lengthy appeal processes. Arbitration awards are binding from the moment they are issued and are enforceable both in Kazakhstan and abroad.
One of the key benefits of arbitration is saving on state court fees. Depending on the claim amount, arbitration fees can be 30-70% more cost-effective.
The enforcement of decisions issued by the "Atameken" Arbitration Center is ensured not only in Kazakhstan but also in 172 countries worldwide, thanks to the New York Convention on the Recognition and Enforcement of Arbitral Awards.
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