Arbitration Explained by Shane Irvine, J.D.

Descrição

Descrição:

Arbitration is a form of alternative dispute resolution (ADR). It is a cost-effective and expedient way to resolve disputes without involving courts. The informality of arbitrational proceedings also makes reaching a mutual satisfaction possible without the need of attorneys. The dispute will be decided by arbitrators, arbiters or arbitral tribunals, which renders the arbitration award. An arbitration award is legally binding on both sides and enforceable in the courts. Arbitration is often used for the resolution of commercial disputes, particularly in the context of international commercial transactions. In international matters, arbitration helps to avoid issues such as jurisdiction and choice of law.