Arbitration is a private process where disputing parties agree that one or several individuals can make a decision about the dispute after receiving evidence and hearing arguments. It’s therefore a form of alternative dispute resolution.
An arbitrator is a professional in arbitration.
Arbitration can usually be completed more quickly and is less formal compared to a traditional trial. Furthermore, both the dispute and the resolution can be kept confidential.
At a minimum, all arbitrators must be:
Parties should also find international arbitrators who:
There are 4 basic requirements for becoming an arbitrator, these include:
Arbitration is different from mediation because the neutral arbitrator has the authority to make a decision about the dispute.
Arbitration is different from litigation because the settlement between parties takes place outside of the court unlike a lawsuit.
The arbitration process may be either binding or non-binding. When arbitration is binding, the decision is final, can be enforced by a court, and can only be appealed on very narrow grounds. When arbitration is non-binding, the arbitrator's award is advisory and can be final only if accepted by the parties.
An arbitration award is the decision by a tribunal on an arbitration case.
An arbitration tribunal is a panel of one or more adjudicators which is convened and sits to resolve a dispute by way of arbitration.
An arbitration centre or institute is a body for the administration of arbitration cases. There are many arbitration institutions, including international, national, regional and specialist arbitration centres.