Arbitration is an alternative means of settling a dispute by impartial person(s) without proceeding to a court trial. It is sometimes preferred as a means of settling a matter in order to avoid the expense, delay, and acrimony of litigation. There is no discovery, and there are simplified rules of evidence in arbitration. The arbitrator(s) are selected directly by the parties or are chosen in accordance with the terms of the contract in which the parties have agreed to use a court-ordered arbitrator(s) or an arbitrator(s) from the American Arbitration Association. If there is no contract, usually each party chooses an arbitrator, and the two arbitrators select a third to comprise the panel. When parties submit to arbitration, they agree to be bound by and comply with the arbitrators’ decision. The arbitrators’ decision is given after an informal proceeding where each party presents evidence and witnesses. Arbitration has long been used in labor, construction, and securities...
References and Readings
- The Federal Arbitration Act 9 U.S.C. Section 1 et seq., (1925).Google Scholar