Arbitration

What is it? We are here dealing with a well-known product, by which the parties leave the final settlement of a dispute to one or more third parties (normally one or three). Should one of the parties want this, an arbitral award is drafted. The field is regulated by the Arbitration Act, statute 553/2005. How does it come off? In anticipation of a potential conflict, the parties may have signed a contract which has to be observed with respect to e.g. the number of judges and who is to designate the umpire. If, however, the parties agree on this, another procedure may be adopted. The case has to involve something which the parties are free to dispose of. The negotiations are not public. Evidence will normally be given by the parties and witnesses, if any. The case will be argued. When would arbitration typically be used? When the parties have contractually agreed in advance that it  has to be like that, or if the parties want a non-public treatment of the case, typically with two arbitrators designated by the parties, and a jurist as umpire. Procedure and payment Our Administration - phone: +45 8612 0277 - will be happy to be of assistance, both with information and contributing to the practical implementation of the procedure. The expenditure is calculated on the basis of an hourly rate of DKK 1,800.00 + VAT + disbursements. Consultation and guidance (max. 1 hour) is free of charge. The arbitration tribunal will for itself stipulate the costs in connection with the arbitration proceedings and the drafting of the arbitral award. If no lawyers are involved in the case, and thus no one is there to guarantee the costs, a security will normally be requested.