Arbitration is an alternative dispute settlement procedure which encompasses binding and enforceable verdicts by which an arbitral tribunal, appointed by the parties or by the institution to which the appointment is entrusted, does settle civil and commercial disputes through a compulsory observance and final verdict.
Ideally, the choice of arbitration dispute resolution procedure must be done when the parties negotiate their contracts and agreements. However, the parties may agree on the arbitration method at any time, e.g. after a dispute has arisen.
To proceed with an arbitration, it is necessary all the parties have expressly agreed it in a clause. For this, CAM Santiago offers the following standard clauses which can be used in various contracts, as in the case of mediation, national or international arbitrations. This includes the options of an arbitrator by law or an arbitrator ex aequo et bono.