See dot point 2 in PROS re silence!!! ARBITRATION Arbitration is...

See dot point 2 in PROS re silence!!!
ARBITRATION

Arbitration is a binding method of dispute resolution much like litigation with the exception of a mutually agreed third-party neutral - generally an expert in the specific field. This is, comparatively, the most widely accepted method of settling a dispute.
PROS

• The disputing parties have the right to choose the arbitrator or institution depending on the complexity or expertise of each.
• The whole process is done in private, away from the public eye, which means confidentiality is maintained, which is crucial in the oil and gas sector.
• It is more flexible than litigation and can be customized according to disputant needs. Parties to a dispute can choose between institutional arbitration or ad hoc arbitration, which gives more flexibility and visibility.
• The award of arbitrator or institution is easily enforced in countries that have ratified the 1958 New York Convention.
• The cost element is usually lesser than that of litigation and consumes lesser time.
• The disputants are free to choose the venue and platform for arbitration.

CONS

• Though considered less costly and time consuming, it can quickly become as much expensive and time consuming as litigation if one party decides to prolong the proceedings.
• Arbitration has the potential to become as formal as litigation in case of adverse parties.
• There is very limited scope of appeal after an award due to which parties might be reluctant to use this method of dispute resolution.
• The decision is not enforceable in countries that are yet to sanction the 1958 New York Convention. Hence, arbitration does not become an attractive option to settle the dispute via arbitration in those cases.