Term for Identification: Arbitration

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Term for Identification:  Arbitration​

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The Answer is Arbitration is a form of alternative dispute resolution (ADR) that is used to resolve conflicts outside of the court system. It is a process in which the disputing parties agree to submit their disagreement to one or more impartial third parties, known as arbitrators, for a binding decision. The arbitrators act as private judges who listen to both sides of the argument and then make a decision that is typically final and enforceable by law.

The arbitration process is often chosen because it can be faster, less formal, and less expensive than litigation in court. It also allows the parties to select arbitrators with specific expertise relevant to their dispute, which can be particularly beneficial in complex technical or commercial matters.

Arbitration can be either voluntary, where both parties agree to use arbitration after a dispute arises, or mandatory, which is often stipulated in a contract clause requiring that any future disputes be resolved through arbitration. The rules governing the arbitration process may be provided by specialized institutions that offer arbitration services, such as the American Arbitration Association (AAA) or the International Chamber of Commerce (ICC), or they may be agreed upon by the parties themselves.

The outcome of arbitration, known as an award, is usually binding on the parties, meaning that it cannot be appealed to a court except on very limited grounds, such as fraud or a violation of due process. This finality can be seen as an advantage, as it provides a clear resolution to the dispute, but it can also be a disadvantage if a party is dissatisfied with the decision and has no recourse for appeal.

In summary, arbitration is a method of resolving disputes outside of the court system by entrusting the decision to one or more arbitrators whose judgment is typically final and legally binding.

Term for Identification: Arbitration

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Term for Identification: Arbitration​

Short Answer

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Term for Identification: Arbitration

Correct Answer:
Answered by ExamLex AI