Week 3 - Arbitration Flashcards
Define arbitration
A voluntary system where the parties rely on the services of an arbitrator (an independent, fair and impartial third party)
How is an arbitrator chosen?
They can be chosen by the parties OR referred to by the court
What does some statute/legislation require regarding arbitration?
That parties first go through arbitration before going to court
What does an arbitrator do?
They provide their decision and this is binding on the parties, though there is an appeals process
What are appeals like regarding arbitration?
They are not common and would be heard by the High Court
How are cases heard?
In a judicial manner, but they are private
What is arbitration commonly used for?
International disputes, due to the speed with which it can be resolved
