What is Arbitration?
Arbitration is a formal method of dispute resolution that involves submitting a dispute to one or more impartial individuals, known as arbitrators.
These arbitrators are chosen by the parties involved in the dispute or by an arbitration institution.
The process is akin to a private legal proceeding, where the arbitrators review the evidence and arguments presented by both sides and then make a binding decision, known as an arbitral award. This award is enforceable through the courts, similar to a court judgment.
Arbitration offers parties an alternative to traditional litigation, providing a confidential and often more streamlined process for resolving disputes. It is commonly used in commercial contracts and international transactions, offering parties greater control over the selection of decision-makers and potential flexibility in procedures while providing a final resolution that is legally binding and enforceable.
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