Synonyms
Definition
Arbitration is a form of alternative dispute resolution (ADR) in which parties choose to have a dispute or disputes decided by the third party (an arbitrator) and agree to be bound by the arbitrator’s decision. That decision is legally binding on both sides and enforceable by the courts.
Introduction
Globalization has both benefits and drawbacks, including an increase in the number of commerce and labor disputes. These disputes can lead to lengthy court battles, which can cost companies and governments huge amounts of money, time, and energy. In an effort to avoid these costs, countries have turned to alternative dispute resolution (ADR). Alternative dispute resolution refers to various processes that help parties to resolve disputes without going to trial. Alternative dispute resolution includes negotiation, collaborative law, mediation, and arbitration.
Mediation and arbitration are...
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References
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Leigh, K. (2016). Arbitration in Public Administration. In: Farazmand, A. (eds) Global Encyclopedia of Public Administration, Public Policy, and Governance. Springer, Cham. https://doi.org/10.1007/978-3-319-31816-5_1042-1
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DOI: https://doi.org/10.1007/978-3-319-31816-5_1042-1
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Publisher Name: Springer, Cham
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