logo share us

Arbitration

   

Definition: Arbitration is a conflict resolution method outside the court, in which 2 or more parties agree in advance to be bound by the decision ("award") to be taken by one or more arbiters (a neutral, third party) after a hearing at which both parties have an opportunity to be heard.
The arbiter reviews the evidence in the case and imposes a decision that is legally binding and enforceable for both sides. Depending on the jurisdiction, also non-binding arbitration is conceivable.
A can be mandatory (based on a statute or contract) or voluntary.
A is frequently used for business disputes, in particular for international transactions, as well as for employment and consumer matters.


   
   
💡

Learn more about Arbitration.



More on conflict resolution: Disagreeing, Favoritism, Mediation, Nonviolent Communication.


MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration.

We like to keep things short, and provide links to learn more about your subject.


add us to your desktop

Add MBA Brief to your desktop / iPad

   

© 2024 MBA Brief - Last updated: 24-6-2024  -  Privacy   |   Terms