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| '''Arbitration''' is a ] technique for the resolution of ]s outside the ]s, wherein the parties to a dispute refer it to one or more persons (the "]s" or "arbitral tribunal"), |
'''Arbitration''' is a ] technique for the resolution of ]s outside the ]s, wherein the parties to a dispute refer it to one or more persons (the "]s" or "arbitral tribunal"), who will evaluate the ]s of the parties. | ||
| Arbitration is divided into two categories: binding and non-binding. In binding arbitration, by far the most common, the parties agree to be bou by the arbiter's decision (the "]"). There are few further remedies for a party who finds fault in such a decision. In non-binding arbitration, the arbiter's decision is advisory, and can be rejected by either party if desired. | |||
| Arbitration is today most commonly used for the resolution of ] disputes, particularly in the context of ]. It is also used in some countries to resolve other types of disputes, such as ] disputes, ] disputes or ] disputes, and for the resolution of certain disputes between ]s and between investors and states. | Arbitration is today most commonly used for the resolution of ] disputes, particularly in the context of ]. It is also used in some countries to resolve other types of disputes, such as ] disputes, ] disputes or ] disputes, and for the resolution of certain disputes between ]s and between investors and states. | ||
Revision as of 01:56, 22 September 2006
Arbitration is a legal technique for the resolution of disputes outside the courts, wherein the parties to a dispute refer it to one or more persons (the "arbitrators" or "arbitral tribunal"), who will evaluate the claims of the parties.
Arbitration is divided into two categories: binding and non-binding. In binding arbitration, by far the most common, the parties agree to be bou by the arbiter's decision (the "award"). There are few further remedies for a party who finds fault in such a decision. In non-binding arbitration, the arbiter's decision is advisory, and can be rejected by either party if desired.
Arbitration is today most commonly used for the resolution of commercial disputes, particularly in the context of international commercial transactions. It is also used in some countries to resolve other types of disputes, such as labour disputes, consumer disputes or family disputes, and for the resolution of certain disputes between states and between investors and states.
See also
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