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Arbitration is a formal method of dispute resolution involving a third party neutral who makes a binding decision. The third party neutral (the 'arbitrator', ...
Arbitration, in the context of the law of the United States, is a form of alternative dispute resolution.Specifically, arbitration is an alternative to litigation through which the parties to a dispute agree to submit their respective evidence and legal arguments to a third party (i.e., the arbitrator) for resolution.
The contract regarding which the dispute exists, must either contain an arbitration clause or must refer to a separate document signed by the parties containing the arbitration agreement. The existence of an arbitration agreement can also be inferred by written correspondence such as letters, telex, or telegrams which provide a record of an ...
An arbitral tribunal or arbitration tribunal, also arbitration commission, arbitration committee or arbitration council is a panel of adjudicators which is convened and sits to resolve a dispute by way of arbitration. The tribunal may consist of a sole arbitrator, or there may be two or more arbitrators, which might include a chairperson or an ...
An arbitration award (or arbitral award) is a final determination on the jurisdiction, merits, costs or other aspect of a dispute by an arbitration tribunal in an arbitration, and is analogous to a judgment in a court of law. [1]
The primary advantage of arbitration over court litigation is enforceability: an arbitration award is enforceable in most countries in the world. Other advantages of arbitration include the ability to select a neutral forum to resolve disputes, that arbitration awards are final and not ordinarily subject to appeal, the ability to choose ...
International arbitration is an alternative to local court procedures. International arbitration has different rules than domestic arbitration, [6] and has its own non-country-specific standards of ethical conduct. [7] The process may be more limited than typical litigation and forms a hybrid between the common law and civil law legal systems. [8]
Methods of dispute resolution include: lawsuits (litigation) (legislative) [5]; arbitration; collaborative law; mediation; conciliation; negotiation; facilitation; avoidance; One could theoretically include violence or even war as part of this spectrum, but dispute resolution practitioners do not usually do so; violence rarely ends disputes effectively, and indeed, often only escalates them.
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