ARBITRATION BOARD Meaning and
Definition
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An arbitration board refers to an impartial panel or tribunal that is established to resolve disputes between two or more parties through a formal process known as arbitration. This board is usually composed of an odd number of members, typically three, chosen for their expertise and neutrality in the relevant field of the dispute. The arbitration board acts as an alternative to litigation and offers a binding decision that settles the disagreement.
The primary function of an arbitration board is to facilitate the resolution of conflicts that arise between parties, typically in the context of contractual agreements, labor disputes, or commercial disagreements. It provides a streamlined and cost-effective method for resolving conflicts, offering a quicker resolution compared to the lengthy court proceedings of judicial systems. The arbitration board reviews the evidence and arguments presented by the parties involved, conducts hearings if necessary, and renders a decision that is legally enforceable.
Arbitration boards are often selected by mutual agreement or as specified in the original contract between the disputing parties. The decision made by the board is typically final and binding and can only be challenged on very limited grounds, such as cases involving fraud or misconduct by the arbitrators themselves. The role of an arbitration board is to ensure fairness, impartiality, and adherence to the principles of justice throughout the arbitration process, providing a mechanism for parties to resolve their disagreements outside of the courtroom.
Common Misspellings for ARBITRATION BOARD
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Etymology of ARBITRATION BOARD
The word "arbitration" originated from the Latin word "arbitratio", which means "judgment". It is derived from the verb "arbitrari", which means "to give judgment" or "to be a judge".
The term "board" has its roots in the Old English word "bord", which means "table" or "a flat surface". Over time, it came to represent a group of individuals who gather around a table to discuss and make decisions.
Therefore, the term "arbitration board" refers to a group of individuals who come together to give judgments or make decisions on a particular matter.
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