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  2. Dictionary

    ar·bi·tra·tion
    [ˌärbəˈtrāSHən]
    noun
    arbitration (noun) · arbitrations (plural noun)
    1. the use of an arbitrator to settle a dispute:
      "Tayside Regional Council called for arbitration to settle the dispute" · "binding arbitration"
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    What does arbitration mean?the hearing and determining of a dispute or the settling of differences between parties by a person or persons chosen or agreed to by them: Rather than risk a long strike, the union and management agreed to arbitration. International Law. the application of judicial methods to the settlement of international disputes.
    What is Commercial Arbitration?Commercial arbitration is a means of settling disputes by referring them to a neutral person, an arbitrator, selected by the parties for a decision based on the evidence and arguments presented to the arbitration tribunal. The parties agree in advance that the decision will be accepted as final and binding.
    What does an arbitrator do?An arbitrator may consist of a single person or an arbitration board, usually of three members. Arbitration is most commonly used in the resolution of commercial disputes and is distinct from mediation and conciliation, both of which are common in the settlement of labour disputes between management and labour unions.
    What are the characteristics of Arbitration?Its principal characteristics are: Arbitration can only take place if both parties have agreed to it. In the case of future disputes arising under a contract, the parties insert an arbitration clause in the relevant contract. An existing dispute can be referred to arbitration by means of a submission agreement between the parties.
     
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    Arbitration is a formal method of alternative dispute resolution (ADR) involving a neutral third party who makes a binding decision. The third party neutral (the 'arbitrators', 'arbiters' or 'arbitral tribunal') render the decision in the form of an 'arbitration award'. An arbitration decision or award is legally … See more

    Parties often seek to resolve disputes through arbitration because of a number of perceived potential advantages over judicial proceedings. Companies often require arbitration … See more

    By their nature, the subject matter of some disputes is not capable of arbitration. In general, two groups of legal procedures cannot be subjected to arbitration:
    • Procedures … See more

    Nations regulate arbitration through a variety of laws. The main body of law applicable to arbitration is normally contained either in … See more

    The arbitrators who determine the outcome of the dispute are called the arbitral tribunal. The composition of the arbitral tribunal can vary enormously, with either a sole arbitrator sitting, two or more arbitrators, with or without a chairman or umpire, and various … See more

    Arbitration agreements are generally divided into two types:
    • Agreements which provide that, if a dispute should arise, … See more

    History
    The United States and Great Britain were pioneers in the use of arbitration to resolve their differences. It … See more

    The definition of Arbitral Award given in sec 2(1)(c) is clearly not exhaustive. It merely points out that an Arbitral Award includes both a … See more

     
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