välimiesmenettelyjen

Välimiesmenettely, often referred to as arbitration in English, is a form of alternative dispute resolution (ADR) where parties agree to resolve their disputes outside of the court system. Instead of a judge, a neutral third party, known as an arbitrator or a panel of arbitrators, hears the case and makes a binding decision. This decision, called an award, is generally enforceable in the same way as a court judgment.

The process typically begins with a written agreement between the parties to arbitrate, often included in a contract. This agreement specifies how the arbitration will be conducted, including the number of arbitrators, the rules that will apply, and the location of the arbitration. Parties can choose arbitrators with expertise in the specific subject matter of their dispute, which can lead to more informed and efficient resolutions.

Välimiesmenettely is often favored for its perceived confidentiality, speed, and flexibility compared to traditional court proceedings. It can also be a more cost-effective option in complex cases. However, the decisions of arbitrators are typically final and have limited grounds for appeal, which means parties give up their right to a full judicial review. The enforceability of arbitral awards is facilitated by international conventions, such as the New York Convention, making it a widely recognized method for resolving cross-border commercial disputes.