Agreement Arbitrate Contract

Online arbitration is different from traditional arbitration. The common thought that online arbitration is just the combination of online mechanisms and traditional arbitration is not true. The main thesis of this article is that online arbitration is different from traditional arbitration not only because it is held online or partly online but also because its definition elements may vary from those of traditional arbitration definition. The article aims to provide an inclusive and precise definition of online arbitration and extract different types of online arbitration from the definition accordingly. In order to define online arbitration accurately, it is helpful to look closely at the component elements of traditional arbitration from which it evolved. Naturally, there is much commonality across the two forms, but also relevant differences in the detail of component elements of both. Moreover, some component elements may not be shared at all, belonging uniquely to just one form of arbitration. A study of the component elements of both forms is therefore necessary to provide a definition of online arbitration.

An Agreement for arbitration is a legally binding contract between two or more parties that outlines the process and terms by which any disputes or conflicts between the parties will be resolved through arbitration. It establishes the framework for an alternative dispute resolution method that bypasses traditional litigation in court. Arbitration is a private and confidential procedure where an impartial third party, known as an arbitrator or arbitration panel, is appointed to hear and decide the dispute. The Agreement for arbitration sets out the rules and guidelines that the parties must abide by during the arbitration process. Keywords: Agreement for arbitration, arbitration, alternative dispute resolution, contract, disputes, conflicts, litigation, arbitrator, arbitration panel, rules, guidelines, private, confidential, process, terms. Types of Agreement for arbitration: 1. Mandatory arbitration agreement: This type of agreement compels the parties to submit any existing or future disputes to arbitration instead of pursuing litigation in court. Organizations commonly include mandatory arbitration agreements in employment contracts, consumer agreements, and commercial contracts. 2. Voluntary arbitration agreement: This agreement allows parties to voluntarily choose arbitration as a means of resolving disputes, rather than going to court. It grants the parties the freedom to determine whether arbitration is the preferred method of dispute resolution. 3. Ad hoc arbitration agreement: In this type of agreement, the parties agree to arbitration on a case-by-case basis as specific disputes arise. They have the flexibility to determine the procedural rules, selection of arbitrators, and location for each individual arbitration proceeding. 4. Institutional arbitration agreement: Parties opting for institutional arbitration agree to have their disputes resolved under the rules and procedures provided by a recognized arbitration institution. Institutions such as the International Chamber of Commerce (ICC), American Arbitration Association (AAA), and London Court of International Arbitration (CIA) offer their predetermined rules and administrative support to assist the arbitration process. 5. Multi-tiered arbitration agreement: This agreement outlines a step-by-step process for dispute resolution. It typically requires parties to undergo negotiation or mediation before proceeding to arbitration. If the initial steps fail to resolve the dispute, the agreement provides for arbitration as the final and binding method of settlement. 6. Court-annexed arbitration agreement: This type of agreement establishes a system where the court refers the dispute to arbitration before it proceeds to a court trial. It allows for a quicker resolution of disputes and alleviates the burden on the court system. In conclusion, an Agreement for arbitration is a pivotal legal document that governs the process of resolving disputes through arbitration, providing an alternative method to litigation. By employing such agreements, parties can ensure a more efficient, cost-effective, and private resolution of their conflicts.