What Is Arbitration  

The other name for arbitration is alternate dispute resolution. It is a method where disputes can be settled outside the court.

An arbitrator will hear both the parties in dispute and give a ruling. There are four types of arbitration, and they are binding, non binding, judicial and independent.In judicial and binding type of arbitration, the parties in dispute agree that they will abide by the arbitrator's ruling, and they do not have the option of going to court after that. The only difference is that in a judicial arbitration the arbitrator is appointed by the judge. In the non binding type, the parties have the discretion to go to court if they find the ruling dissatisfactory.

In the United States, the NAF or the National Arbitration Forum is one of the biggest bodies of arbitration. It settles several disputes between businesses and consumers every year. Most of the disputes have to do with domain names, credit cards and loans. However, this type of arbitration cases have always been in controversy because the NAF seems to be more biased with the businesses, and consumers get an unfair judgment. However, every person who has signed an agreement for a credit card or a mortgage business has somewhere agreed to resolve disputes through mandatory arbitration by the NAF. In spite of its controversial status, the NAF arbitration seems to be a favorable way to settle disputes for businesses and consumers. Most of the commercial disputes that never reach court get settled here.

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What-Is-The-Difference-Between-Mediation-And-Arbitration      For several people, going to a court to settle the dispute is not a favorable option. Several people settle for arbitration as it is cheaper and hassle free option. A formal hearing in the court can be an extremely time consuming process. Also, the judge’s jury may always not be favorable. More..

 


 

 

 
   
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