IGNOU IBO 5 2017 2018 - Arbitration

Question

Arbitration

13 Feb 2018

Answer :

Word Count : 306

Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.

Its principal characteristics are:

Arbitration is consensual

Arbitration can only take place if both parties have agreed to it. In the case of

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