Arbitration is a law-regulated procedure wherein two or more parties enter an arbitrary agreement to resolve disputes. They know their rights and obligations through a neutral tribunal. There is an increasing demand for resolving disputes in the UAE. Since the UAE is a hub of global investors, there are bound to be disagreements regarding their financial issues. Arbitration allows the conflicting parties to settle the disputes under the law but outside the court.
How Does the UAE Arbitration Process Begin?
The Federal Law No.6 of 2018 for Arbitration has specially mentioned in Article No 7 about the process of arbitration in the UAE.
- An arbitration process begins with the Arbitrary Agreement, which has to be in writing or considered void. The agreement also has to specifically mention the international involvement, if any, of the parties in the Arbitrary Process.
- Unless agreed on a date, the arbitration process always begins the next day the composition of the Arbitral Tribunal is formed.
- Farahat and Co provide arbitrary experts who are well versed in Arabic and capable of submitting their expert findings in Arabic if the language of the Arbitration is Arabic in the UAE.
- The court will decide upon the successful submission of the Arbitrary Agreement, the date, time, and place to commence the arbitration.
- Under Article 8 of the same Law, the qualification of the Arbitrary consists that they should be a natural person not of a minor age with no criminal background.
- The Arbitrator must be an independent individual and not related in business or family acquaintance to any of the parties involved in the arbitration.
Read More : Everything You Must Know about Court Expert Witness.
Who is an Arbitrary Expert for Financial Disputes?
Matters related to civil and labor disputes are commonly found in the UAE. However, when it comes to Financial disputes, an Arbitrary expert must have sound knowledge of the relevant field and be exceptionally capable of simplifying and communicating financial information to all the parties involved. In many cases, the court allows more than three parties to act as an arbitrary expert, and It is under the arbitrary agreement.
An Arbitration Expert in Financial Disputes Provides the Below Services.
Before providing any unique expertise for finance dispute cases, the expert must provide their qualifications. They must be eligible to understand accounting, corporate finance, investments, banking, auditing, financial policies, international trade, technology, etc.
Under the expert assistance clause under Article 34 of the Arbitration Law, the Arbitral Tribunal must make a joint decision to involve an expert witness in a Financial Dispute. This decision is to be communicated to the court in a written request. The expert has to right to information from the parties involved and is aware of the disputes that will arise from verifying the report, which will affect the award of the arbitration case in the future.
- The Arbitrary lawyer specializing in financial disputes has to determine whether the case holds enough value to have legal and financial proceedings.
- The lawyer will verify the case for its strength and weakness and consider all the parties involved in the case, referring to their claims and disputed financial issues.
- The Arbitrary Lawyer will try to proceed with the case based on the actual financial information presented by the expert. Only after a thorough investigation, an expert can suggest mediation or negotiation to end the dispute between the parties.
- All communication and the case proceedings involving the arbitral tribunal are done with correspondence with the arbitrary institution.
- To confirm if an international Arbitration is more appropriate than a domestic one and its benefits to both the parties.
- As one party is always behind getting hands-on another party’s assets in most cases, an expert has to verify the costs of running the arbitrary proceedings. The fees of an arbitrary expert in a Finance Dispute in the UAE. are paid by the parties.
- Under article 33 of the same law, the report presented by the expert appointed by the arbitrary tribunal in a financial dispute will be examined by the parties involved.
- The court also withholds the award in a financial dispute to the party if the parties do not clear the fees of the arbitrary expert.
The reason people opt for an arbitration procedure over litigation is that arbitration is confidential and flexible. Arbitration allows the parties to choose arbitrary experts who are proficient in their field, such as finance. It helps in better decision-making and justifies awarding of the decision.
The right arbitrary expert in a financial dispute can garner the right information for your arbitration and court expert witness. Farahat and Co have participated in legal and financial disputes as an Abritrarty expert from the early reporting to final testimonies and court expert witnesses. Our financial expertise allows us to verify crucial data of financial disputes, and our talent pool provides unmatched reporting expertise. If you are looking for an arbitrary expert for your Financial Dispute in the UAE., you can contact us today, and we will provide you with our top candidates for your review and selection.
Read More : Why Islamic Finance Disputes are Best Resolved via International Arbitration.