Arbitration

Arbitration is the most traditional form of private dispute resolution. Arbitration is a binding procedure. It is often “administered” by a private organization that maintains lists of available arbitrators and provides rules under which the arbitration will be conducted. Such organizations can also manage the arbitration in whole or in part. Parties often select arbitrators on the basis of substantive expertise. The arbitrators listen to evidence and arguments and evaluate the merits of each party’s case.

Arbitration is adjudicatory, as opposed to advisory, because of the fact that the arbitrator or panel of arbitrators renders a decision, the arbitral award, at the end of an arbitration hearing, and that decision is final and binding, subject only to a very limited court review. In binding arbitration, parties agree to accept the arbitrator’s decision as final, and there is generally no right to appeal.  In nonbinding arbitration, the parties may request a trial if they do not accept the arbitrator’s decision.

 

international arbitration and mediation

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