What is arbitration and What factors should be considered before conducting the process of arbitration?
Ans:Arbitration is perhaps the
most popular and widely known dispute resolution process. Like litigation,
arbitration utilizes an adversarial approach that requires a neutral party to
render a decision.
Historically,
arbitration has been used most widely in commercial disputes as a private
alternative to litigation. Arbitration developed as a binding, adjudicative
process. While these features closely parallel those of traditional court
proceedings, there are important distinctions between the two processes which
will be discussed further in this document.
factors
should be considered before conducting the process of arbitration
When
should a dispute be arbitrated? Enforceability and arbitrability.
Enforceability:
Whether the contract to arbitrate is valid
and can be enforced against the party seeking to avoid arbitration.
Arbitrability: Whether a particular dispute is subject to
an agreement to arbitrate.
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