HONG KONG, Feb. 25, 2022 /PRNewswire/ -- Hong Kong Arbitration Society (HKAS) has recently launched an updated arbitration platform with new interfaces which are of simplified and more user-friendly designs. Users can first click and learn more about the procedure and fees of arbitration on the front page, then choose from three plans according to personal preference to kickstart the arbitration procedures. The new interface adopts special AI technology to assist in drafting the required documents and selecting the most suitable arbitrator when the parties are unable to reach a consensus on the appointment of arbitrator.
Due to the epidemic, many merchants explore online selling platforms to keep abreast of the trend of online shopping. The Consumer Council has received over 5,000 complaint cases relating to internet shopping from 2020 onwards. HKAS believes the general public can resolve their disputes through a novel, more efficient and affordable way to resolve their disputes, instead of resorting to civil litigation in courts. HKAS also anticipates its brand-new AI online arbitration system can assist to resolve the common disputes encountered by the public during the pandemic.
Online Arbitration to Resolve Disputes at a Cost as Low as $100
Hong Kong Arbitration Society (HKAS) launched Hong Kong's first online arbitration platform in 2019 and finished the first ever 100% online arbitration in Spring 2021. Through this online arbitration platform, the parties can save the hassle to meet in person, make their own statements and provide evidences at any time regardless of geographical distance. The arbitrator will then deliver the award online and the whole process will only take one month. An arbitral tribunal can decide the case which is enforceable in the same manner as a court judgment. Arbitrators' decisions are binding and enforceable in Hong Kong, mainland China and over 160 countries around the world.
The arbitration fee is charged based on the amount in dispute, which is fixed from HKD100 - way more affordable and cost-effective than litigations. Since its inception, the platform mainly handles disputes related to loans, estate agency, services, renovation and sales of goods.
About Hong Kong Arbitration Society
Hong Kong Arbitration Society is an independent non-profit organization (IRD File No. 91/14866) dedicated to the promotion of arbitration development in Hong Kong. It is committed to enhancing popularity and increasing awareness of arbitration. Many people encounter stressful, time-wasting and expensive litigation and traditional arbitration, but the costs and efforts involved are often disproportionate to the result. Besides, litigation and traditional arbitration are unaffordable and far too complicated for most members of the general public. Therefore, due to high litigation or arbitration costs, many avoid resolving their disputes and asking for justice. HKAS aims to promote the resolution of disputes through a form of arbitration which is more efficient, cost-effective and affordable than litigation and traditional arbitration. With this objective, HKAS has developed the online arbitration platform to conduct efficient arbitration.
