5) Alternatives For Resolving Controversies Flashcards
1
Q
Submission
A
The act of the disputing parties to refer an issue for the arbitration process
2
Q
Arbitration
A
The use of an arbitrator to settle a dispute outside of court. The parties agree to be bound by the arbitration decision or award
3
Q
Mediation
A
The process involving a third parties efforts to help disputing parties reach a settlement
4
Q
Award
A
The decision of the arbitrator
