Arbitration Law
Arbitration
A private method of resolving disputes outside regular courts, where the parties agree to have an independent arbitrator (or panel) decide the matter, resulting in a binding award.
Arbitration is commonly used for commercial disputes, particularly where a contract contains an arbitration clause, and is generally seen as faster and more confidential than court litigation, with the parties having some say in choosing the arbitrator.
An arbitral award is binding and enforceable much like a court decree, and can only be challenged in court on narrow, specified grounds — not simply because a party disagrees with the outcome.
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