Arbitration | Business English a process in which an independent person makes an official decision that ends a legal disagreement without the need for it to be solved in court: Arbitration is often preferred by firms in business disputes.
Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.
To give you an idea of the process that arbitration typically involves, the American Arbitration Association describes artibtration as having five main steps: Filing and initiation. Arbitrator selection. Preliminary hearing. Information exchange and preparation. Hearings. Post hearing submissions. Award.
After the opening statement, the claimants present evidence, that is, the details of their case. For example, they present witnesses and introduce any relevant documents. If the arbitrators did not swear a witness in at the beginning of a hearing, they will administer the oath before that person testifies.
Arbitration is a form of alternative dispute resolution. It allows both sides to present their case in an expedited fashion to a panel of three attorneys who render a decision that same day.
Arbitration is similar to going to court, but is usually faster, cheaper and less complex than litigation. Mediation is an informal process in which a trained, impartial mediator facilitates negotiations between disputing parties, helping them find a mutually acceptable solution.
Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.
The brief should include identification of the parties, a concise description of the facts, and applicable case law and statutes. The briefs should be submitted to the arbitrator at least 2 days prior to the arbitration hearing.
A claimant will typically start arbitration by sending a document known as a “request for arbitration” or a “notice to arbitrate” to its opponent.
Parties are encouraged to file their Requests electronically using ICC Case Connect. Via the Request form, claimant(s) will be invited to supply key information in relation to their Request, and to upload their Request and any relevant annexes.