WHAT IS ARBITRATION?
Friday, October 5th, 2012 @ 11:57PM
Arbitration is a method of resolving disputes between two or more parties. Just as differences may be concluded by negotiation, mediation or ligation, so may they be resolved through arbitration.
In an arbitration, a neutral person who is uninvolved in the dispute (the arbitrator) listens to the parties express their views and then renders the decision (an award) based upon the presentation of evidence.
The process is similar to what takes place in a court of law. Any party may be represented by an attorney. Formal rules of evidence are not required and the dispute will not be decided by an active judge or jury. Nevertheless, the award issued by the arbitrator may be binding upon the participants and can be enforced as if it were rendered in a court.