What is arbitration?
Q: What is arbitration?
A: Arbitration is a form of alternative dispute resolution (ADR) where parties in a dispute agree to have the disagreement decided by a neutral third party.
Q: What are the benefits of arbitration?
A: Arbitration is often cheaper, faster and more predictable than litigation. Additionally, it allows the parties involved to choose their own neutral third party to help settle the dispute.
Q: Is arbitration legally binding?
A: Yes, arbitration is legally binding. The decision made by the arbitrator(s) is final and cannot be appealed.
Q: How many arbitrators are typically involved in the arbitration process?
A: The arbitration process usually involves a panel of three arbitrators. Each party suggests one, then both arbitrators agree on a third arbitrator.
Q: How is the decision made in arbitration?
A: The decision in arbitration is made by a majority vote among the panel of arbitrators.
Q: What is the difference between arbitration and litigation?
A: Litigation involves the legal process of resolving disputes in court, while arbitration involves the parties in a dispute agreeing to have the disagreement decided by a neutral third party outside of court.
Q: Can any type of dispute be resolved through arbitration?
A: Most types of disputes can be resolved through arbitration, including business and contractual disputes, employment issues, and disputes between individuals or organizations. However, some disputes, such as criminal cases, cannot be resolved through arbitration.
