Regulation on Third Party Financing in Indonesian Arbitration
(Case Study in Singapore & Hong Kong)
Arbitration is an alternative dispute resolution institution outside of judicial practice. Arbitration Institutions have advantages in dispute resolution, such as arbitration judges are temporary and are neutral parties. Then, the duration of the dispute resolution efforts is faster when compared to the practice in the judiciary and the arbitral award has a permanent and binding legal force. Therefore, arbitration dispute resolution efforts are more desirable in resolving disputes, especially related to disputes in companies both national companies and multinational companies. However, the costs of taking efforts to resolve the dispute through arbitration require a very high initial cost as case registration. Arbitration as in Singapore & Hong Kong has accommodated regulations regarding the use of Third Party Financing in an effort to resolve disputes through arbitration. However, in the current Indonesian laws and regulations, no one has regulated the practice of Third Party financing institutions in arbitration. Based on this, the author will discuss how the regulation regarding the financing institution of the Third party in arbitration via comparative studies in Singapore and Hong Kong. As for in this study the author uses normative juridical legal research methods.