1 ARBITRATION DEFINITION: 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. OR In case of dispute, the stake holders decides an Arbitrator to resolve the case. Arbitrator may be an high standard Architect, civil engineer or a technical person. EXPLAINATION: It is a form of alternative dispute resolution (ADR), is a technique for the resolution of disputes outside the courts . The parties to a dispute refer it to arbitration by one or more persons (the "arbitrators", "arbiters" or " arbitral tribunal "), and agree to be bound by the arbitration decision (the " award "). A third party reviews the evidence in the case and imposes a decision that is legally binding on both sides and enforceable in the courts. TYPES OF ARBITRATION: There are four types of Arbitration, such as:
ARBITRATIONDEFINITION:Arbitration is a procedure in which a
dispute is submitted, by agreement of the parties, to one or
morearbitratorswho make a binding decision on the dispute. In
choosingarbitration, the parties opt for a private dispute
resolution procedure instead of going to court.ORIn case of
dispute, the stake holders decides an Arbitrator to resolve the
case. Arbitrator may be an high standard Architect, civil engineer
or a technical person. EXPLAINATION:It is a form ofalternative
dispute resolution(ADR), is a technique for the resolution of
disputes outside thecourts. The parties to a dispute refer it
toarbitrationby one or more persons (the "arbitrators", "arbiters"
or "arbitral tribunal"), and agree to be bound by the arbitration
decision (the "award"). A third party reviews the evidence in the
case and imposes a decision that is legally binding on both sides
and enforceable in the courts. TYPES OF ARBITRATION:There are four
types of Arbitration, such as: Binding Arbitration Non-Binding
Arbitration Court Appointed Arbitration Independent Arbitration
BINDING ARBITRATION:The parties agree to waive their right to go to
court for a judicial decision which is binding by the arbitrators
ruling. NON-BINDING ARBITRATION:The parties have the discretion to
abide by the arbitrator's decision or seek other venues. In my 20
plus years of arbitration experience this is the least appealing
and successful form of arbitration; only the attorneys and
arbitrator make money, and the parties rack up the venue bills.
COURT APPOINTED ARBITRATION:Is just that ordered by the court. The
judge elects an arbitrator of their choice to hear and render a
ruling which by the way is binding. INDEPENDENT ARBITRATION: Some
have connected this form of arbitration with names like dispute
resolution, ADR, debt settlement, debt arbitration and debt
negotiating to name a few. However, with this type of arbitration
you will notice vast differences.With this type of arbitration we
represent only one party (usually the defendant if it happens to be
a litigation case). We do not stay neutral in the dispute, but
rather work as a fiduciary, representing our client to achieve out
of court settlement, IRS tax issues and delinquent accounts
payable.ARBITRATION ACT,1940The Arbitration Act of Pakistan was
prepared on 11th of March, 1940 and then enforced in the whole
country by 1st July, 1940. In this acts certain points are
discussed, such as: Arbitration Different cases of Arbitration
Appointments of Arbitrator in different cases Powers awarded by the
court to the Arbitrator Arbitration out of Court and different
cases Arbitration within the court with no suit pending Arbitration
in suits Jurisdictions Limitations Appeals Procedures
