Explain five advantages of arbitration as a form of settling disputes

ANSWER

Advantages of arbitration

Cheap –it costs less to see a case through arbitration
Flexibility –arbitral tribunals are not bound previous awards or strict rules of procedure.
Speed –it is a faster method of dispute resolution
Convenience –parties are free to determine the venue, language and timing of arbitral proceedings.
Informality –free from legal technicalities which characterize ordinary courts.
Privacy –arbitral proceedings are conducted in private free from undue publicity.