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In the working of a blockchain arbitration, Arbitrators are appointed by a blockchain-based dispute resolution platform. The award is generated on a blockchain and circulated to the parties before the Arbitrator. The parties may be in different countries and the origin/awarding country may be difficult to trace out.
Online dispute resolution can be done entirely on the Internet through email, chat, and videoconferencing and if needed parties may also meet in person for face-to-face interaction. Often, a combination of online and offline (such as face-to-face) methods are used in online dispute resolution.
The parties and arbitrators meet in person to conduct the hearing in which the parties present arguments and evidence in support of their respective cases. After the conclusion of the hearing, the arbitrators deliberate the facts of the case and render a written decision called an award.
In this kind of Arbitration, the parties agree for the dispute to be resolved without an oral hearing. Written documents include pleadings, evidence, and statements of witnesses.
A mandatory arbitration agreement should identify the rules, procedures, and evidentiary guidelines to be applied. Many agreements opt for a particular forum's rules and procedures. If there are any rules that the parties want to opt out of (e.g., a limitation on discovery), state as much in the arbitration agreement.
In addition to arbitration institutions that have developed the technological capabilities to conduct proceedings online, there are at least two sets of salient protocols available for use by arbitration practitioners in ODR proceedings.
The Federal Arbitration Act provides that the enforceability of an arbitration agreement, is determined using generally applicable contract defenses, such as fraud, duress, or unconscionability. Under California law, a contract signed under economic duress may be rescinded.
DISADVANTAGES OF ONLINE DISPUTE RESOLUTION. All parties would be required to have adequate technology to participate in an ODR Process. Parties without adequate technology may be at a disadvantage or unable to fully participate.
Step by step guide to arbitrationStep 1 Show details. Claimant. Appoints its arbitrator, pays the registration fee and files its request for arbitration.Step 2 Show details. Claimant.Step 3 Show details. SCC.Step 4 Show details. Claimant.Step 5 Show details. The Arbitral Tribunal.Step 6 Show details. The Arbitral Tribunal.
10 essential elements for effective arbitration agreementsGoverning Law of the Arbitration Agreement.Existence of a Contract.Consideration.Mutuality.Class-Action Waiver.Opt-out Provision.Employees' Rights Under the Law.Waiver of Jury Trial.More items...?