The BIR registrar then compiles a draft arbitration agreement, which both parties must sign.
Subsequently, an Arbitral Tribunal is appointed. This neutral panel of independent industry experts will draw up specific Terms of Reference and a Procedural Timetable which both claimant and respondent must sign. This way, all parties have a clear overview of the process and the timings involved.
Each party then has 30 days to send a written claim or defense to the Arbitral Tribunal and the registrar.
The Arbitral Tribunal examines the case in as short a time as possible.
When the proceedings are closed, the Arbitral Tribunal communicates its preliminary decision to the BIR registrar who then informs each party. At this stage, the parties still have the possibility to ask for an interpretation or a correction of the decision.
However, the Arbitral Tribunal's binding verdict – the Award – will be delivered no later than 1 month after the preliminary decision. The award is final, non-disputable and, if necessary, enforceable by any relevant court or jurisdiction.
The BIR arbitration service - an efficient, cost-effective and timely solution to commercial disputes.