The arbitration regulations are included in the Civil Code of Liechtenstein. Arbitration refers to an advantageous and efficient method of resolving business conflicts by avoiding bringing the case to court. This procedure is also employed in the international disputes, regardless of the field of activity of the parties, case in which the arbitration will rely on the International Arbitration Law of the United Nations – UNCITRAL Model Law. Our lawyers in Liechtenstein can explain you in detail why arbitration should be preferred over litigation and they can assist you in an arbitration court in Liechtenstein.
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The arbitration process and rules in Liechtenstein
Arbitration is one of the legal alternatives to litigation, and it consists of a dispute resolution method which relies on reaching an agreement between the parties. Our law firm in Liechtenstein provides several conflict resolution methods. Most of the dispute situations are allowed to be settled through arbitration, but not all. It is recomended that in any agreement an arbitration clause to be included in the contract.
In order to start the process, the claimant must send an arbitration request. The procedure is initiated when the respondent receives the statement of claim in writing. The arbitrators in Liechtenstein are chosen by the parties, either in the initial agreement or they can be appointed consequently to the arising of the dispute. The parties have equal rights and they both are allowed to bring in evidence in order to present and defend their positions.
If the dispute is going to enter an arbitration process, it is implied that until the end of this procedure, the case cannot go in court. If no resolution can be reached, then the matter can enter a lawsuit.
Our attorneys in Liechtenstein can help you include in any contract legal references to arbitration by adding a specific annex to your agreements.
The advantages of arbitration in Liechtenstein
In 2011, Liechtenstein has accessed the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. Moreover as a central European country with vast experience in international matters, Liechtenstein is an opportune place for arbitration in international business disputes.
Arbitration is preferred in many disputes since it is definitely a cheaper solution than litigation. It is also very popular for those problems which do not involve large amounts or sums of money. Compared to litigation, arbitration is also a much faster choice for solving a business dispute.
For more information about arbitration rules and the arbitration process, you can contact our law firm in Liechtenstein. Here you will find out more about other conflict resolution methods, such as mediation, as well as reasons and cases in which arbitration is preferred over litigation.