Arbitration

 Arbitration is a fast way to get a decision when you are

in a dispute.
 Arbitration is more flexible and less formal than
court.
 Usually, an arbitration can be scheduled faster than a
trial.
 It is a resolution technique in which a third party reviews
the evidence in the case and imposes a decision that is
legally binding for both sides.
 Arbitration can be either voluntary or mandatory
(although mandatory arbitration can only come from a
contract that is voluntarily entered into, where the
parties agree to hold all existing or future disputes to
arbitration.
 Arbitration is a proceeding in which a dispute is resolved
by an
impartial adjudicator whose decision the parties to the
dispute have agreed, will be final.

Advantages of Arbitration
Parties often seek to resolve their disputes through
arbitration because of a number of perceived potential
advantages over judicial proceedings:
 When the subject matter of the dispute is highly
technical, arbitrators with an appropriate degree of
expertise can be appointed (as one cannot "choose the
judge" in litigation).
 Arbitration is often faster than litigation in court.
  In most legal systems there are very limited avenues for
appeal of an arbitral award, which is sometimes an
advantage because it limits the duration of the dispute
and any associated liability.

Disadvantages of Arbitration
 There is no right of appeal even if the arbitrator makes a
mistake of fact or law.
 Rule of applicable law is not necessarily binding on the
arbitrators, although they cannot disregard the law.

Arbitration “Award”
 Arbitration award means the result.
 An arbitration award (or arbitral award) is a
determination on the merits by an arbitration tribunal in
an arbitration, and is analogous to a judgment in a court
of law.
 It is referred to as an 'award' even where all of the
claimant's claims fail (and thus no money needs to be
paid by either party), or the award is of a non-monetary
nature.
 The tribunal may order the payment of a sum of money
(conventional damages).