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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"), by whose decision (the "]") they agree to be bound. ], the term is also used to refer to ], a process in which the final award does not bind the parties. | |||
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| 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. | |||
| == See also == | |||
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Revision as of 09:36, 25 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"), by whose decision (the "award") they agree to be bound. In the United States, the term is also used to refer to non-binding arbitration, a process in which the final award does not bind the parties.
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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