Advantages

Advantages offered by CIMA:

  • Advises all interested parties consulting the Court on arbitration matters.
  • Handles all matters that have been contractually agreed to be subject to arbitration before CIMA.
  • Intervenes in all cases in which the parties freely request the services of the Court in ad hoc arbitration.
  • Offers interested parties a list of national and international arbitrators, of outstanding specialization and professionalism, with the capacity to resolve disputes submitted to their decision.
  • Provides efficient secretarial and administrative services that guarantee the correct provision of its services.
  • Enjoys total independence.
  • Has modern facilities and is equipped with the most up-to- date technical and computer developments to provide a rapid response to the needs of the parties.
  • Speed: the organization and the means available to the Court guarantee the issuance of arbitration awards within a maximum period of six months, which can be reduced if there is agreement between the parties and the complexity of the dispute permits. As the judgments cannot be appealed or quashed (annulment actions may be brought before it in cases established by law), the awards have the same effect as judicial decisions, the advantages of which are clear.
  • Economic: in the business world rapid decision making is always the cheapest way to resolve disputes. Although at first glance regular law courts may seem cheaper its delays and the procedural risks make it, in the long run, more onerous. CIMA’s fees are kept under strict control.
  • Professional quality: the arbitration awards of the Court, due to the rigorous selection of the arbitrators, offer a high level of professional quality, overseen by a Government Commission.
  • Flexibility: the Rules of Procedure allow for adaptation, within legal limits, to the circumstances of the dispute at hand and to this end it grants the Arbitrator the necessary powers of initiative, order and direction. In this way, each dispute may have its own peculiar procedure.
  • Discretion: arbitration is, in essence, private and nobody except the procedural parties may have access to the proceedings.