Expertise
Arbitration is one of the mechanisms for settlement of dispute. It is different from mediation or conciliation because in arbitration, there is a third-party arbiter who renders a final and binding award.
Arbitration is one of the mechanisms for settlement of dispute. It is different from mediation or conciliation because in arbitration, there is a third-party arbiter who renders a final and binding award.
It is also different from litigation, because arbitration is consensual and constituted by the parties or based on agreement between the parties, while litigation and the court system is set up by the State. Common advantages of arbitration include party autonomy, speed of adjudication, confidentiality, expert arbitrators/tribunal, less acrimonious and less costly, and it does not constitute a strain to parties’ commercial relationship.
Important Notice: The information contained in this Article is intended for general information purposes only and does not create a lawyer-client relationship. It is not intended as legal advice from Jackson, Etti, & Edu (JEE) or the individual author(s), nor intended as a substitute for legal advice on any specific subject matter. Detailed legal counsel should be sought prior to undertaking any legal matter. The information contained in this Article is current to the last update and may change. Last Update: October 1, 2024.
