Understanding Arbitration: A Comprehensive Guide to Alternative Dispute Resolution
Classified in Law & Jurisprudence
Written on in English with a size of 2.87 KB
What is Arbitration?
Arbitration is a legal process used to resolve disputes between parties outside of the traditional court system. It is a form of alternative dispute resolution (ADR) in which the parties involved in a dispute agree to have a neutral third party, known as an arbitrator or arbitral tribunal, make a binding decision to settle their dispute. Arbitration is often chosen as an alternative to litigation for various reasons, including its potential for faster resolution, greater privacy, and lower costs compared to going to court.
Key Elements of Arbitration:
- Voluntary Agreement: Arbitration is typically based on the voluntary agreement of the parties involved. They may choose to arbitrate a dispute either before or after a dispute