For preceding the case, creditors and debtors usually require arbitration lawyers for settlement. It is necessary for both parties to understand the law for debt collection arbitration because it is compulsory to accept the decision taken by arbitration lawyers.
Therefore, our arbitration lawyers provide necessary guidance about debt recovery Dubai procedure to both the parties. So that clients could be clear before choosing an arbitration lawyer and enter in arbitration settlement as per their choice and requirements.
When arbitration is required?
Arbitration is usually required in handling disputes in buying and selling agreements. So, if you do not want to close your options then don’t enter into the contract that contains arbitration. And do not use any service that makes a judgment in an informal way.
The commencement of Arbitration
Arbitration is often commenced by associate professionals for entertaining the clients.
- Creditor: The arbitration initiated by the creditor is usually when the debtor does not give a positive response after several notices.
- Debtor: The arbitration initiated by the debtor is usually when the debtor requires claim reliefs from the creditor
Methods of arbitration
Arbitration is carried out in subsequent ways:
- The claimant sends a notice to the debtor that demand for their unpaid debts.
- The arbitrators than exchange information of both parties
- Evidence related to debt recovery is issued by both parties to the arbitrator
- On the base of proof, the arbitrator gives a final decision that is accepted by both parties in any case.
After giving the final verdict which is based on the legal standard of debt recovery Dubai, relief is provided to both the parties, such as
- Assistance For debtor
- Discount is offered
- Debt amount is reduced
- Deadline of payments is extended
- Assistance For creditor
- Extra charges on late payment
- Debtors movable and immovable (real estate) property is taken on not paying debts
- Extra Bonds and shares
Are you not happy with the arbitral decision?
In case if both the parties, the debtor and the creditor, do not agree on the verdict of the arbitrator then they can raise the case towards the competent court. The decision of the arbitrator is challenged due to
- Discrimination among the parties
Following laws of debt recovery Dubai, our associate firm ensure the fairness of the arbitration method as
- The debtor should be aware of the arbitration process
- The debtor should be given the time to prepare for giving payment
- The arbitrator should have no link with any of the parties especially the creditor so that the decision is not based on personal interest.
Our law firm provides arbitration lawyers who have efficient expertise in handling arbitration. Hire our associate attorney if your case is complex. Our aim is to provide a feasible solution for our clients.
For further details, feel free to contact our associate firm.