Arbitration Flashcards
What is arbitration?
Neutral third party hears both sides and makes decision
Do parties decide to go into arbitration?
Yes both must voluntarily agree
Who pays for arbitration?
The parties involved
Who is normally the arbitrator?
Normally an expert in the field
Is the award in arbitration enforceable?
Yes as intention to create legal relations
Are there appeals in arbitration?
High court appeals for ‘serious irregularity’ e.g arbitrators new a party
What is the clause a contract can use that enforces arbitration as the means to resolve a dispute?
Scott v Avery
What are the advantages of arbitration?
Parties retain control
Held in private
Quicker cheaper than court
Expert arbitrator
What are the disadvantages of arbitration?
No legal aid available
Limited appeals
Difficult to enforce awards
Inconsistent/no precedent
Lack of awareness
