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Q.

What do you understand by Arbitration?

Asked by sumeet, 06 Jun '08 12:25 am
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Answers (3)

1.

As per wikipedia, arbitration is a legal technique for the resolution of disputes outside the courts, wherein the parties to a dispute refer it to one or more persons (the "arbitrators", "arbiters" or "arbitral tribunal"), by whose decision (the "award") they agree to be bound. Arbitration in the United States and in other countries often includes alternative dispute resolution (ADR), a category that more commonly refers to mediation (a form of settlement negotiation facilitated by a neutral third party).
Answered by samron jude, 06 Jun '08 12:26 am

 
  
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2.

Arbitration is a legal remedy for resolving a dispute outside a law court in which the parties submit their grievance to an impartial arbitrator or tribunal. The decision (award) on the dispute is binding on the parties. Arbitration is more powerful than litigation. An arbitrators awards are binding on the parties and more readily enforceable across international boundaries. Arbitration is also less formal, as the parties can choose the arbitrator or the organisation that will appoint the arbitrator and they can decide what arbitration procedure they want. Because of this arbitration should be more flexible and cost effective than litigation. Arbitrators may be selected for their special skills to suit the particular dispute. Arbitration is particularly valuable in some disputes because confidentiality can be preserved.
Answered by Janis, 06 Jun '08 01:01 am

 
  
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3.

Arbitration is a legal technique for the resolution of disputes outside the courts, wherein the parties to a dispute refer it to one or more persons (the "arbitrators", "arbiters" or "arbitral tribunal"), by whose decision (the "award") they agree to be bound. Arbitration in the United States and in other countries often includes alternative dispute resolution (ADR), a category that more commonly refers to mediation (a form of settlement negotiation facilitated by a neutral third party). It is more helpful, however, simply to classify arbitration as a form of binding dispute resolution, equivalent to litigation in the courts, and entirely distinct from the various forms of non-binding dispute resolution, such as negotiation, mediation, or non-binding determinations by experts. Arbitration is, today, most commonly used for the resolution of commercial disputes, particularly in the context of international commercial transactions.

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Answered by sudesh, 06 Jun '08 06:33 am

 
  
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