------------------ Arbitration

Arbitration is a process by which parties to a dispute decide that a third party will settle the matter. An alternative and equivalent dispute resolution system (ADR) to the state jurisdiction, and the arbitrator/s, resolve the dispute with the arbitral award.  Arbitration is a consensual process; parties will only ever arbitrate where they agree to do so. Two or more parties use an arbitrator or arbiter in order to resolve a dispute and they can choose someone who is knowledgeable about the subject matter of the dispute. In Spain, the Law 60/2003 of arbitration regulates the arbitral procedure, being supplementary to the rest of arbitrations, as Consumption. Arbitration 1. M. Action or faculty to arbitrate. 2. M. Arbitral Judgment 3. M. Extrajudicial procedure to solve conflicts of interests by means of submission of the parts, for mutual agreement, to the decision of one o more arbitrators. (Royal Spanish Academy)

------------------ Advantages of arbitration

Arbitration is a consensual process; parties will only ever arbitrate where they agree to do so. Arbitration has a greater degree of flexibility. In Spain, the arbitral process is faster (max. 6 months) and cheaper than litigation in court.  Arbitral proceedings and an arbitral award are private an confidencial. Arbitral award is analogous to a judgment in a court of law and it can be enforce abroad than court judgments.