THE SCOPE OF AN ARBITRATION AGREEMENT IS A THIRD PARTY BOUND BY IT49 pages (12250 words)
, Dissertation
Resort to arbitration is generally favoured over litigation because of the advantages it offers in terms of lower costs, shorter time to reach a decision, and the absence of the formalities found in court procedures. The same arbiter hears the case until resolution, thereby maximizing familiarity with the details thereof, and the resolution arrived at enjoys the consent of both parties, thereby avoiding costly and time consuming appeals while preserving the good relations between the contending parties.