ARBITRATION Meaning and
Definition
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Arbitration is a legal method of resolving disputes between parties outside the traditional court system. It is a process in which an impartial third party, known as an arbitrator or arbitration panel, is appointed to hear the arguments and evidence presented by both sides involved in the disagreement. The arbitrator, who is typically chosen for their expertise and knowledge in the relevant field, then renders a binding or non-binding decision, known as an arbitral award, which resolves the dispute.
Arbitration is commonly used as an alternative to litigation because it is generally faster, less formal, and more flexible. It is often found in commercial contracts, employment agreements, and international trade disputes. The process generally begins with the parties agreeing to submit their dispute to arbitration and selecting their preferred arbitrator or arbitration panel. The arbitrator then presides over the proceedings, which typically involve hearings where both parties present their case, including witnesses and evidence. The arbitrator's decision is legally enforceable, and parties are bound to comply with the award unless it is successfully challenged or set aside in court.
Arbitration provides parties with a confidential and private method of settling their disputes, and it offers greater control over the dispute-resolution process. It offers an alternative to the lengthy and costly process of litigation while still ensuring a fair and impartial resolution.
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The hearing and deciding of a disputed matter by one or more persons.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for ARBITRATION *
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Other Common Misspellings for ARBITRATION
Etymology of ARBITRATION
The word "arbitration" originates from the Latin word "arbitratio", which comes from the verb "arbitrari", meaning "to be the judge" or "to give a decision". The term was also influenced by the Latin word "arbitror", meaning "to consider" or "to judge". In English, "arbitration" first appeared in the late 14th century and referred to the act of settling a dispute through the decision of an impartial third party.
Similar spelling words for ARBITRATION
- arbitrageur,
- arbitrator,
- arbitrage,
- arbitrament,
- arbitral,
- arbitrate,
- arbitrariness,
- arbitrative,
- arbitrational,
- arbitrarily,
- arbitrement,
- arbitrable,
- arbitration-tribunal,
- arbitrager,
- arbeiter,
- arbitration-eligible,
- arbitrary.
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