One of the principal functions upon which the practice is based is the provision of arbitration services. This function is founded on training and experience over more than 20 years including the taking of a degree in Law through London University, obtaining a diploma in International Commercial Arbitration and carrying out in the region of 600 arbitrations in the UK. For several years Mr Parratt was a lecturer at Leeds Metropolitan University for a Masters Degree Course in Construction Law and Arbitration.
The main advantage of arbitration over other forms of dispute resolution is the ability to deal finally with differences between parties by flexible, informal and economical methods to suit the convenience of the parties. Instead of the rigid and formal system of the courts, anyone providing arbitration services can use his or her skills to deal with different parts of the dispute in different ways. Whilst under UK Law, the parties have the right to agree the methods which the Arbitrator should use, they need to be guided by his training and experience.
For most disputes, the provision of arbitration services has the advantages of economy, privacy, finality and administration has been to suit the convenience of the parties. If the parties can appreciate the advantages, it can also provide fast-track results or interim decisions which allow the continuation of business relations.
Arbitration services can be provided for all manner of disputes from simple building contracts in the UK to international trading disputes involving millions of Dollars or Pounds Sterling. In international disputes, arbitration is the most common method, because the parties are reluctant to use the courts of their opponent's country and, under the New York Convention, arbitration awards are enforceable in most countries of the world. International arbitration can use the English law which is extremely flexible but it can also use the UNCITRAL (United Nations) law or such other systems of arbitration law as seem appropriate.