“Arbitration is more suited to resolving commercial disputes than the courts?” Arbitration is a method of settlement where a third party is brought in to analyse a dispute and impose a decision that is legally binding for both groups involved. Both sides put forth their problem and the arbitrator reviews all the circumstances and makes a decision based on all relevant information. It has been traced back and related to Brehon Law and stands as one of one of the oldest forms used to resolve a dispute outside of the courts. The court is, however, the only way that the decision can be over-ruled but this is extremely rare. Both parties must agree to resolve their dispute by arbitration. Without this consent, the arbitration will not be valid except in particular circumstances which arbitration is compulsory. 1 The arbitrator may be decided by the groups themselves but it is also possible to have one appointed by an institution. If a dispute arises it is possible to contact the local association where they may be able to suggest an arbitrator or how to find one. This arrangement is frequently outlined in contracts and clauses that are known to both parties. This agreement is kept completely confidential and it is very convenient in the respect that there is no time delay before the hearing. Cases usually put to arbitration include payment disputes between different firms , between consumers and firms, agricultural disputes, family disputes like child custody and divorce situations, rape cases and industrial relations disputes. These situations and cases are resolved through arbitration to keep them private and confidential. This allows the companies names to be untarnished and protected unlike with a court hearing....
Bibliography: * International Commercial Arbitration – Alan Redfern and Martin Hunter
* www.bnet.com – The CBS interactive Business Network
* www.newman.co.in – Arbitration and Conciliation Act 1996
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