Basic Concepts: Arbitration means the reference of a dispute to an impartial tribunal chosen by the parties to the dispute who agree in advance to abide the tribunal's award issued after a hearing at which both parties have an opportunity to be heard. Arbitration is often referred to as an alternative to litigation. However, they share the same fundamental premise. A third party is responsible for deciding any dispute. In arbitration, the parties present their …
showed first 75 words of 654 total

showed last 75 words of 654 total
…and binding method to resolve dispute among parties and a method with the feature of enforceability in a wide range of territories. Arbitration advantages would be its confidentiality, speed, less costs, and flexibility. Litigation is a formal and binding method to resolve a full range of dispute, but whose enforceability out of territory where it made has not been commonly accepted yet. Therefore, arbitration may be recommended as a poplar approach to resolve dispute.