What does arbitration mean?
What does arbitration mean?
Arbitration is a private process where disputing parties agree that one or several individuals can make a decision about the dispute after receiving evidence and hearing arguments. Arbitration is different from mediation because the neutral arbitrator has the authority to make a decision about the dispute.
Is the arbitrator a judge?
Arbitrators take an oath to be fair and impartial, and apply the law as do judges; however, arbitrators answer first and foremost to the parties and their business needs. Unlike judges, an arbitrator who does a poor job in managing cases and deciding on the law and facts will not get more cases.
What qualifications does an arbitrator need?
Becoming an arbitrator Arbitrators need to: have knowledge of the laws of contract, tort and evidence • understand and be able to use the applicable procedural law • be able to evaluate the arguments and evidence which seemingly supports conflicting points of view • determine the award.
Can a party appoint an arbitrator?
Its section 17(2) states that, where the opposite party fails to nominate its arbitrator, an arbitrator appointed by one of the parties may be appointed to act as a sole arbitrator. Thus, implicitly, a party is first barred from unilaterally appointing the sole arbitrator, albeit allows so subsequently.
What is the age limit to be appointed as an arbitrator?
– (1) In order to be appointed as Chief Executive Officer, the person shall (i) not be less than 45 years of age; and (ii) an officer of the rank of Additional Secretary or equivalent rank in the Govt.
What are the advantages of arbitration?
Arbitration is often faster than litigation in court, and a time limit can be placed on the length of the process. Arbitration can be cheaper and more flexible, more commercial and less formal than court. Unlike court rulings, arbitration proceedings and arbitral awards are confidential.
How do you remove an arbitrator?
An arbitrator can be removed under section 24 of the Arbitration Act 1996 if, amongst other things, “circumstances exist that give rise to justifiable doubts as to his impartiality” and if the arbitrator has failed “properly to conduct the proceedings”.
What is mandate of an arbitrator?
The arbitrator is appointed by the agreement between the parties or in case of failure to appoint, by any judicial authority prescribed. The mandate of the arbitrator generally lies in the arbitration agreement and can be terminated as per provisions of section 14 and 15 of the Act.
What are the grounds on which an arbitrator can be challenged?
(a) An arbitrator may be challenged only if circumstances exist that, from the perspective of a reasonable third person having knowledge of the relevant facts, give rise to justifiable doubts as to his impartiality or independence, or if he does not possess qualifications agreed to by the parties.
Can you appeal an arbitration judgment?
There is no right to appeal in arbitration like there is in court. If the parties agree to use the AAA to handle the appeal, the AAA will treat the appeal like a new case filing and more fees would have to be paid. Under federal and state laws, there are only a few ways to challenge an arbitrator’s award.
