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As a form of alternative dispute resolution, arbitration proceedings can either be binding or non-binding. The former simply means the decision is final and enforceable, while the latter that the arbitrator's ruling is advisory and can only be applied if both parties agree to it.
Once the arbitration award has been served upon the parties and takes effect, the parties are legally bound to adhere to it. If either party fails to comply with the terms of the arbitration award, the other party can make an application to the Court to enforce the award.
Self-representation means representing yourself in a legal matter, such as an arbitration case. When you are self-represented in an arbitration, you will speak and act for yourself without hiring a lawyer.
Arbitration as a dispute resolution is used mostly in commercial disputes, consumer disputes, credit obligation disputes, and state or investor disputes. It can also be used to resolve disputes among the family, laborers, or workers. An arbitrator is an official person that will make the final decision.
While parties are not required to have an attorney to participate in arbitration, arbitration is a final, legally-binding process that may impact a party's rights. As such, parties may want to consider consulting an attorney at any time before, during, or after the arbitration.
The decision in both proceedings is final and binding on the parties (depending on any applicable appeal, set aside, or challenge rights). In arbitration, the decision is final and binding because the parties have agreed that it should be, rather than because of the power of the state.
Section 572B. 07 - MOTION TO COMPEL OR STAY ARBITRATION (a) On motion of a person showing an agreement to arbitrate and alleging another person's refusal to arbitrate pursuant to the agreement, the court shall order the parties to arbitrate if the refusing party does not appear or does not oppose the motion.
One possible solution lies in the definition of ?unconscionable agreements.? Under the Federal Arbitration Act, one of the few ways to void an arbitration agreement is to prove that the agreement is ?unconscionable? under the standard rules applying to contract formation.