Definition Of Arbitration  

In order to understand what is arbitration, you should first know the definition of arbitration.

Basically, arbitration can be defined as a way settling dispute when it arises between two parties, who have signed a contract, without the need to go to court. The dispute is settled by a third a party, which is neutral, and invariably consists of one person, the arbitrator.When both the parties agree to follow the decision made by the arbitrator, it is known as binding arbitration. The exact procedure followed in arbitration depends on the arbitration laws prevailing in the country, or the rules of the International Chamber of Commerce. In case, a procedure is stipulated in the contract signed by the two parties, then the arbitrator will follow that procedure.

Arbitration is a legal procedure that is used to settle disputes outside the court. However, the parties in dispute approach an arbitrator or an arbitral tribunal that will look into the case. And, these parties should abide by the decision made by the arbitrator, and that will be final. In the United States, arbitration is also called the Alternative Dispute Resolution, which means that it is a case that requires mediation. However, arbitration should not be treated as an illegal procedure just because the court is not involved. In several cases, arbitration might be a cheaper deal, and it is also as legal as the court ruling.

Arbitration is one of the most common processes used today to resolve disputes of commercial nature and also credit obligations. Arbitration is a mini trial held by an arbitrator in order to avoid a court trial. It is held by one person or a panel of people and they are not judges but arbitrators.

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