What should we do if my company suffers from the impact of imported products?
Arbitration, as a means of resolving commercial disputes, has its own unique advantages over negotiation, mediation and litigation.
First, it is final. There is no appeal or retrial procedure, and the award is legally effective and enforceable from the date it is made.
The parties enjoy maximum autonomy in choosing the arbitration institution, the arbitrator, the place of arbitration, the place of hearing, the language of arbitration, the arbitration rules and the law applicable to the arbitration. The parties can also agree on the opening of hearings, the submission of evidence and the presentation of their views, and design arbitration procedures that meet their particular needs. Thus, compared to the strict procedural design and timing of litigation, arbitration procedures are more flexible and faster.
Third, the expert award system. Arbitration is conducted by a system of expert decisions, in which experts with legal backgrounds and familiarity with the practice of various industries form the arbitral tribunal to hear the case in order to resolve the dispute efficiently and effectively, and to ensure the fairness and authority of the decision. At the same time, the expert award system also guarantees the smooth resolution of cases with complex, professional and new legal issues.
Fourth, the applicable law is flexible. In foreign-related cases, the parties are free to agree on the applicable substantive law, and the arbitral award may refer to international practice and follow the principle of fairness and reasonableness, in addition to the legal and contractual provisions. This feature makes the arbitration mechanism the first choice for new areas and new types of dispute resolution cases.
Fifth, arbitration is confidential. The principle of confidentiality is applied in arbitration, and cases are not heard in public. Without the consent of the parties and the permission of the arbitral tribunal, the arbitral proceedings and the substantive content cannot be disclosed to the outside world, which is conducive to protecting the commercial secrets and commercial reputation of the parties.
Sixth, the international and domestic enforcement of arbitral awards is facilitated. According to the Arbitration Law and the Civil Procedure Law, arbitral awards can be successfully enforced in domestic courts; and as a party to the 1958 United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention), Chinese arbitral awards can be recognized and enforced in the courts of other contracting states. As of June 2017, there are as many as 157 Contracting States to the New York Convention. The convenience of recognition and enforcement of arbitral awards has made arbitration a mandatory dispute resolution method in foreign-related commercial contracts.