1. Identifying parties involved:
This item involves clearly identifying all parties who are part of the dispute, ensuring no relevant entity is overlooked.
2. Establishing the scope and nature of the dispute:
Before proceeding, it's essential to define the issues in dispute, their relevance, and their relationship to the arbitration process.
3. Determining applicable arbitration rules:
Different arbitration rules apply to different situations. Knowing which set of rules governs your arbitration is crucial for a smooth process.
4. Selecting arbitrators:
This step involves appointing the arbitrators who will preside over the dispute, considering their expertise and impartiality.
5. Defining arbitration procedures:
Establish clear and fair procedures for the arbitration process, including how evidence will be presented and how hearings will be conducted.
6. Setting the timetable for proceedings:
A well-structured timeline ensures that arbitration proceeds efficiently without unnecessary delays.
7. Allocating costs and fees:
Determine how the costs associated with arbitration, such as arbitrator fees and administrative expenses, will be divided among the parties involved.
8. Ensuring enforcement of arbitration awards:
Once the arbitration is complete, it's vital to ensure that any resulting awards are enforceable and legally binding.