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What is Arbitration?
Arbitration is a form of ADR in which the parties choose to forgo litigation and solve their problems through a third-party decision-maker, known as an arbitrator.
How Does Arbitration Work?
The key characteristic of arbitration is that the parties are hiring one or more unrelated and unbiased third parties to decide the legal dispute.
Basically, the arbitrator(s) acts as judge and jury in deciding the dispute.
Unlike in mediation, the arbitrators are decision-makers.
Arbitration yields a final resolution of the dispute in the form of an arbitrators award.
The award generally consists of monetary damages, but it may include equitable remedies as necessary.
Parties may generally enforce an arbitrator's award similarly to a judgment.
- Note: It may surprise you to know that popular reality court television shows are actually arbitrations, as opposed to trials. The proceeding is made to look like a trial proceeding, with the arbitrator acting like (and even taking the title of) a judge.
Related Topics
- Alternative Dispute Resolution (Intro)
- What is the Settlement of a Legal Dispute?
- Demand Letter
- What is Mediation?
- What are the advantages and disadvantages of Mediation?
- How Do Parties Initiate Mediation?
- What is the process for carrying out a mediation?
- What is the process for challenging a mediation agreement?
- What is Arbitration?
- What are the Advantages of Arbitration
- Initiating Arbitration Voluntary and Statutorily Mandated Arbitration?
- What is the procedure for carrying out an arbitration?
- Rules governing the arbitration Federal Arbitration Act
- What is the Judicial Review of Voluntary Arbitration?
- What is the Judicial Review of Mandatory Arbitration?
- What is Review under the Federal Arbitration Act?
- How are Arbitration Awards enforced?