What do you understand by arbitration?
Asked by sudhakar kuruvada, 16 Oct '13 10:42 am
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Arbitration : A method for compounding dispute, generally of an industrial nature, between the employer and his employees by reference to disinterested parties-called arbitrators.Answered by LIPSIKA, 16 Oct '13 10:57 am
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A method for compounding dispute, generally of an industrial nature, between the employer and his employees by reference to disinterested parties-called arbitrators.Answered by Quest, 16 Oct '13 07:16 pm
Settlement of a dispute (whether of fact, law, or procedure) between parties to a contract by a neutral third party (the Arbitrator) without resorting to court action. Arbitration is usually voluntary but sometimes it is required by law. If both sides agree to be bound by the arbitrator's decision (the 'award') it becomes a binding arbitration. The exact procedure to be followed (if not included in the contract under dispute) is governed usually by a country's arbitration laws, or by the arbitration rules prescribed by the International Chamber Of Commerce (ICC)Answered by Shravani KaShravan, 16 Oct '13 10:47 am
Arbitration, a form of alternative dispute resolution (ADR), is a technique for the resolution of disputes outside the courts, where 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. It is a resolution technique in which a third party reviews the evidence in the case and imposes a decision that is legally binding for both sides and enforceable. Other forms of ADR include mediation (a form of settlement negotiation facilitated by a neutral third party) and non-binding resolution by experts. Arbitration is often used for the resolution of commercial disputes, particularly in the context of international commercial transactions. The use of arbitration is also frequently employed in consumer and employment matters, where arbitration may be mandated by the terms of employment or commercial contracts.
Source: google searchAnswered by Manoj Joshi, 16 Oct '13 10:44 am