The Arbitration Process for Debt Recovery
The matter of debt collection is quite a time-taking and involves several complications. The arbitration regarding debt collection can be initiated by both creditor or the debtor. however, to start the arbitration, it needs to be present in the contract already.
In this process, the creditor or the debtors are supposed to submit their dispute to the credible arbitrator. It is submitted to settle the claims of the debt made by the other party. The party that makes a claim can be both a creditor and a debtor.
The debt recovery Dubai agencies are there to offer you guidance and legal assistance. If you don’t know the process or legal formalities, you may go for hiring debt collection agencies. This can keep you from further nuisance you might have to face.
Below is the procedure of the arbitration process for debt collection.
- Sending the Arbitral Notice
An arbitral notice is sent to the debtor by the arbitrator as the first step of the procedure. It aims to mention the outstanding amount by the one sending the notice. the invitation is sent to settle the dispute through arbitration.
The next step is to prepare the information for the coming procedures. The parties or the legal representatives then prepare for the presentations. The debt recovery Dubai agencies then exchange information with arbitrators.
- Presenting the Issue
The third step is to present the issues in front of the arbitrator. Both parties then present their side of issues concerning the debt collection. It is done to aware of the arbitrator of the entire case so they can solve the case.
- Finalizing the Decision
After listening to both sides, the arbitrator is supposed to make the decision. The arbitrator must make the decision justly. The decision is made based on facts and evidence.
The decision made by the arbitrator is bound on both parties. it is because the decision made is neutral and without making any favors. Therefore, both parties are supposed to obey the decision.
Therefore, it is advised to go for the arbitration process if it is mentioned in the contract. The arbitration process can be followed by any of the two parties. However, if one makes the claim, the other party is supposed to answer it.
The debt recovery Dubai services are available all over the UAE to settle the debts. It also includes Sharjah, Ajman, Fujairah, and Abu Dhabi. Arbitration is a suitable process to make negotiations for both the parties involved.