This article addresses the important issue of the independence and impartiality of the arbitrator. I analyse the current state of affairs regarding this concept, observing the efforts that have been made through soft law for its management and practical application. Then I put forward some new conceptual proposals about the matter, pointing out that it is a hybrid concept, and that – using Ronald Dworkin’s distinction – it functions more as a principle than as a rule. Finally, I suggest some applicable proposals that derive from the nature of this principle. First, I propose a multi-step model that allows us to analyse a specific case. Second, in the case in which the principle of independence and impartiality collides with another principle, I advocate the use of balancing.