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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', 'arbiter' or 'arbitral tribunal') renders the decision in the form of an 'arbitration award'. [1]
An arbitrary legal judgment is a decision made at the discretion of the judge, not one that is fixed by law. [7] [1] In some countries, a prohibition of arbitrariness is enshrined into the constitution. Article 9 of the Swiss Federal Constitution theoretically overrides even democratic decisions in prohibiting arbitrary government action. [8]
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.
Arbitration in the United States is governed by the Federal Arbitration Act of 1925 (FAA, codified at 9 U.S.C. 1 et seq.), which requires courts to compel parties who agree to arbitration to participate in binding arbitration, the decision from which is binding upon the parties.
Most arbitration clauses require parties to waive their right to proceed on a class action basis in either court or arbitration, [2] [nb 1] and, in the United States, the debate over consumer arbitration has also featured discussion of the merits of class actions. In 2011, the Supreme Court of the United States ruled in AT&T Mobility v.
Most arbitration clauses will provide a nominated person or body to select a sole arbitrator if the parties are unable to agree (for example, the President of the relevant jurisdiction's Bar Association, or a recognised professional arbitration organisation such as the LCIA, or a relevant professional organisation). In default of such a ...
In contract law, an arbitration clause is a clause in a contract that requires the parties to resolve their disputes through an arbitration process. Although such a clause may or may not specify that arbitration occur within a specific jurisdiction, it always binds the parties to a type of resolution outside the courts, and is therefore considered a kind of forum selection clause.
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 ...
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