Commercial arbitration’s rapid growth in the last 20 years is a testament to its advantages over traditional litigation: speed, cost and flexibility. Courts have also played an essential role in propelling arbitration’s advancement. Backed by Supreme Court jurisprudence, commercial parties can confidently specify the dispute-resolution process they want in their contracts, knowing that courts will enforce their agreement.
But as parties submit larger and more sophisticated cases, it is crucial to ensure that the process still serves the parties’ best interests. If the process spirals out of control, arbitration’s advantages can be lost.
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