December Edition 2019

5 “When will mankind be convinced and agree to settle their difficulties by arbitration?” asked Benjamin Franklin, one of the Founding Fathers of America in the 18th century. Today, parties have long preferred the more informal, less expensive and allegedly more simplified procedures associated with arbitration as a way of resolving their disputes, rather than the more costly and time-consuming avenue of going to court, but the field has changed in recent years, and we talked to professional experts with some key pointers to know. The processes of both arbitration and litigation may be similar in relation to the proceedings in a court case: the parties may have lawyers, they exchange information, and there is a hearing where they question witnesses and present their cases. After the hearing, the arbitrator will make a decision. However, there are some key differences to be aware of. Most arbitrations occur in a conference room rather than a courtroom, and the arbitrator may be a lawyer, a retired judge or a person with experience in a particular industry. In arbitration, the parties usually have a more limited right to obtain documents and other information from one another, and most arbitrations are binding, meaning that the parties must accept the arbitrator’s decision and cannot try to resolve the same dispute in court. In arbitration, it is possible to choose who will decide your dispute. This can be particularly helpful if you want a decision maker who has specialized technical knowledge or experience in your industry. There may be one or more arbitrators who hear both sides of the issue and who make a decision. In Israel, domestic and foreign arbitral proceedings are governed by the Israeli Arbitration Act, the statute that governs arbitration law. Its origin is founded upon British law. The only major amendment to the Israeli law occurred in 2008: an amendment of the Israeli Arbitration Law, in which “parties are allowed to decide, in advance, of their right to appeal, by virtue of choosing another arbitrator whowill provide an Award, that will utterly finalize the dispute.Whereas parties are happy to The Rise of Arbitration? Israeli Arbitration Act