Välimiesoikeus

Välimiesoikeus is the Finnish term for arbitration, a private dispute resolution forum in which the parties agree to have a dispute settled by one or more arbitrators rather than by ordinary courts. An arbitral panel renders a binding award that resolves the dispute and is enforceable as if it were a court judgment.

The legal framework in Finland is based on national arbitration law that governs how arbitration agreements are formed, how arbitrators are appointed, and how the proceedings are conducted. The framework also provides for the recognition and enforcement of arbitral awards. In international disputes, the Finnish framework aligns with international standards, including the UNCITRAL Model Law principles, and Finland is a party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, facilitating cross-border enforcement.

Procedural aspects typically include the parties’ agreement on the place (seat) of arbitration, applicable substantive law, and whether the process is ad hoc or run by an arbitration institution. Hearings may be held with written submissions and oral arguments, and arbitrators issue a final award. Appeals against arbitral awards on the merits are generally not available; challenges are usually limited to set-aside or correction on specific grounds, such as due process violations or lack of jurisdiction, and are decided by courts.

Arbitration is commonly used in commercial, construction, energy, and international trade contracts, offering neutrality, confidentiality, and potential speed compared with traditional litigation. However, it can involve significant costs and limited opportunities for appellate review, which may be a consideration for parties when choosing välimiesoikeus as their dispute-resolution method.