Advantages of arbitration: strong confidentiality. Resolve disputes in a timely manner, reduce the time and energy consumption of the parties, and save costs. Flexible and simple.
[Legal Basis]
In Article 51 of the Arbitration Law, the arbitration tribunal may mediate before making an award. If the parties wish to conciliate, the arbitration tribunal shall conciliate. If mediation fails, an award shall be made in a timely manner.
If an agreement is reached through mediation, the arbitration tribunal shall prepare a mediation statement or an award based on the results of the agreement. The mediation statement and the award have the same legal effect.
