Fast-track Arbitration

The term fast-track arbitration, or accelerated arbitration, is commonly used to describe arbitration proceedings that are conducted within specified time limits based on a relating agreement between the parties. While fast-track proceedings can entail substantial pressure on the parties, counsels and arbitrators involved, they also usually reduce the time taken from the initiation of the proceedings until the rendering of an award by the arbitral tribunal and thereby serve as a means of achieving a settlement of the dispute within a shorter period of time. Several arbitral institutions to some extent offer specific rules for fast-track proceedings. These rules are usually applied by virtue of an explicit agreement by the parties or due to the fulfillment of specific criteria such as a maximum amount in dispute.