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What are the three types of arbitration?

Parties can become involved in the arbitration process in one of three ways: judicial arbitration, contractual arbitration or by stipulation.

Does arbitration mean settlement?

Arbitration is the process of using a third party to settle a dispute instead of taking the case to court. Both sides rely on the arbitrator \u2013 an unbiased individual or panel \u2013 to come to an appropriate decision based on the facts of the case. The resulting judgement is called an arbitration award.

What's the meaning of an arbitrator?

: an impartial person or group that is given the power by disputing parties to resolve their dispute \u2014 compare mediator.

What are the steps in the arbitration process?

Step by step guide to arbitration Step 1 Show details. Claimant. Appoints its arbitrator, pays the registration fee and files its request for arbitration. ... Step 2 Show details. Claimant. ... Step 3 Show details. SCC. ... Step 4 Show details. Claimant. ... Step 5 Show details. The Arbitral Tribunal. ... Step 6 Show details. The Arbitral Tribunal.

What is arbitration What is its purpose?

An arbitration is a private method of dispute resolution where the parties have agreed that their dispute will be heard and decided upon by an arbitrator and not a judge in a court of law. Arbitration is often referred to as \u201calternative dispute resolution\u201d i.e. an alternative to approaching a court.

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