Välimiesmenettelyä

Välimiesmenettelyä, known in English as arbitration, is a form of alternative dispute resolution where parties agree to have their disputes resolved by one or more impartial individuals called arbitrators. This process is an alternative to traditional court litigation. Parties typically agree to arbitration through a clause in their contract, which stipulates that any future disputes arising from that contract will be settled through arbitration.

The arbitration process begins when one party initiates arbitration, usually by filing a request with an arbitration institution or directly with the other party. The parties then typically select the arbitrator(s). This selection can be done by mutual agreement or through a predefined procedure outlined in the arbitration agreement or institutional rules. The number of arbitrators is usually one or three.

During the arbitration, parties present their cases, evidence, and arguments to the arbitrator(s). This can involve written submissions, hearings, and witness testimony, similar to a court proceeding but often more flexible. The arbitrators then render a decision, known as an award, which is typically binding on the parties. This award is final and can be enforced by courts, much like a court judgment.

Välimiesmenettelyä is often chosen for its perceived advantages, such as confidentiality, speed, flexibility, and the ability to select arbitrators with specific expertise in the subject matter of the dispute. It is commonly used in international commercial disputes, labor disputes, and construction projects. However, it can also be more expensive than litigation in some cases, and the appeal process for arbitral awards is generally limited.