1) Effective Resolution of Domestic and International Disputes
I can attest to CIETAC’s ability to effectively resolve domestic as well as complex international disputes. CIETAC has a long history, with its first arbitration rules being promulgated in 1956 with the last revisions effective as of May 1, 2005. It provides rules similar to those of many other international arbitral institutions and carefully records qualified domestic and international arbitrators. International arbitrators may be selected as language does not pose a problem, thus the types of commercial disputes which go before CIETAC are not limited. In addition, the cost of resolving disputes at CIETAC is likely to be less than in Hong Kong and many other arbitral forums.
2) Efficiency and Enforcement
There is also an advantage of efficiency and the strong possibility of enforcement. In CIETAC arbitrations, parties may agree on the procedure to be followed. Since evidence and pleadings are fully exchanged in writing between the parties, CIETAC oral hearings are generally short, usually lasting one to three days. As a result, the CIETAC arbitration process is extremely fast and efficient. Most of CIETAC arbitration cases are concluded within 6 months after the tribunal is formed.
3) Dual Capabilities
Lastly, another advantage is CIETAC’s capability of conducting both arbitration and conciliation proceedings.