Arbitration – the arbitration formed specially for consideration of specific dispute, or the operating arbitration considering civil law disputes by the agreement of disputing parties.
Arbitrator – a natural person who is not directly or indirectly interested in the outcome of the case, who is independent of the parties and has agreed to perform the duties of the arbitrator, who has reached the age of thirty years, has a higher education experience in the specialty of at least five years.
The arbitral Tribunal may be single or collective.
The arbitrator, resolving the dispute alone, must have a higher legal education. In case of collective resolution of the dispute, the Chairman of the arbitral Tribunal shall have a higher legal education.
By agreement of the parties, a citizen of the Republic of Kazakhstan, a foreigner or a stateless person may be elected as an arbitrator.
The procedure, including the place of the meeting, the terms of dispute resolution, the parties may determine at their discretion.
Consideration of the case can be carried out in person, online or without the participation of the parties, only on the basis of documents.
Disputes shall be considered and resolved by arbitration within two months from the date of completion of the preparation of the case for arbitration, unless otherwise specified by the rules or agreement of the parties.
The established time limits may be extended by arbitration, based on the complexity of the dispute.
Advantages of arbitration:
- the independence and impartiality of the arbitrator, provided by the procedure for the election of arbitrators, by the parties to the dispute;
- possibility for the parties to determine the procedure for consideration of the dispute;
- greater privacy and speed of dispute resolution;
- ensuring an atmosphere of cooperation, as arbitration contributes to the parties reaching a mutually acceptable agreement;
- finality of the award;
- the binding nature of the award for the parties and the guarantee of enforcement of the award;
- possibility of participation in arbitration of state bodies and subjects of quasi-public sector.