Arbitration
Arbitration is a dispute resolution process where parties involved in a conflict agree to submit their dispute to an impartial third party, known as an arbitrator or a panel of arbitrators. This private, alternative form of dispute resolution is chosen by parties to resolve conflicts outside traditional court litigation.
Arbitration Process: Selection of Arbitrators Appointment
The parties involved in the dispute select one or more arbitrators. This can be done through mutual agreement or as per the terms specified in the arbitration clause.
Qualifications: Arbitrators are chosen based on their expertise in the subject matter relevant to the dispute. They often have legal, industry specific, or technical knowledge.
Impartiality and Independence: Arbitrators must be impartial and independent to ensure a fair and unbiased resolution. They disclose any potential conflicts of interest before accepting the appointment.
