Arbitration is the procedure following a dispute submitted and agreed on by both parties of the dispute. The arbitration is supervised by one or more arbitrators that come to a binding decision at the end of the dispute. This is an alternative to going to court and is a private hearing. Arbitration can only occur if both parties agree to the hearing; many contracts have an arbitration clause in the contract that requires any dispute to be settled by arbitration. Unlike mediation, withdrawing from arbitration is generally not an option and the ruling of the arbitrators is final. To find out more about arbitrations or to get help with arbitration, contact a personal injury law firm.
Depending on the contract and arbitration clauses, the two parties can choose to have one sole arbitrator that they both agree on or they can choose to have a three member arbitration panel. In the case of a three member panel, each party chooses one arbitrator individually and then both parties agree on the third member together as the presiding arbitrator. Some arbitration associations can appoint arbitrators to the arbitration if the parties do not have preference.
Arbitrations are designed to be neutral in that the arbitrators have no bias towards either party, additionally the parties can choose where the arbitration takes place, usually in a place where the law is applicable to the arbitration and the language of the country. This evens that playing field and ensures that no one has home field advantage. If you would like to know more about arbitration or arbitration processes, contact a personal injury law firm for a free case evaluation.
Arbitration is confidential; the verdict, award and information disclosed is not made public. In some cases trade secrets and private financial information is disclosed in arbitration so none of this information will be made available to others. Arbitration is final once the arbitrators or arbitral tribunal have made a decision, all parties agree to carry out the decision with no delay. In cases of international arbitration, the awards are enforced by the New York Convention, which more than 140 states are associated with. Arbitration may not be for every dispute but it is typically cheaper and considered non-bias when compared to a typical civil court case. If you would like to speak to an attorney about arbitration process or any other matter concerning arbitration, contact a personal injury law firm for a free legal consultation.
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