HOW DOES ARBITRATION WORKS?
Arbitration proceedings are characterized by a lack of formalities and the flexibility with which the parties and the arbitrator - a neutral third party who resolves the dispute - can shape the course of proceedings, establishing the stages and deadlines as they deem appropriate with regard to their own needs.
The Ley de Arbitraje 60/2003 of 23 December [Spanish Arbitration Act] is the law governing the procedure. This law establishes the basic procedural principles governing any arbitration, with none of the formality and rigidity of judicial proceedings. It promotes flexibility and is anti-formalist, both in regard to written documents and their contents. This flexibility also extends to the evidence phase, in which regard the law only regulates the possibility of appointment of experts by the arbitrator.
The arbitration procedure normally ends with the final decision taken by the arbitrator, called the award. The award is enforceable, binding on the parties, with the same effect as a judgment.