What is arbitration?
Arbitration is an agreement between two or more parties to resolve a dispute or difference between them. The dispute or difference is resolved by a tribunal whose award is final and binding on the parties and enforceable in law. Appeals from the tribunal’s award are permitted, but only in certain circumstances. The arbitration process is private and consensual and is usually derived from contract. It provides an alternative to litigation but not to ADR which may still be used in conjunction with the arbitration process. An arbitration agreement may specify in some detail how a dispute is to be referred to arbitration although a simple statement in writing as to an agreement to arbitrate will also be sufficient.
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