What Is Arbitration
Arbitration is a form of alternative dispute resolution (ADR), is a technique for the resolution of disputes outside the courts, where the parties to a dispute refer it to one or more persons (the "arbitrators", "arbiters" or "arbitral tribunal"), by whose decision (the "award") they agree to be bound. It is a resolution technique in which a third party reviews the evidence in the case and imposes a decision that is legally binding for both sides and enforceable. Other forms of ADR include mediation (a form of settlement negotiation facilitated by a neutral third party) and non-binding resolution by experts. Arbitration is often used for the resolution of commercial disputes, particularly in the context of international commercial transactions.
How Can Pye Associates Help
The parties in dispute may elect Michael Pye as their arbitrator to conduct and resolve the dispute. The advantages of agreeing an arbitrator are many. Depending on what the dispute concerns, the parties might feel more comfortable with an arbitrator who they can be sure has the necessary practical and technical experience to fully understand the matter in dispute.
In the alternative, a party in dispute may wish to appoint Pye Associates to act on its behalf in the bringing or defending of a claim knowing that it will be presented and explained in the most clearest way.
The Arbitration Process Explained
Arbitration is a thorough process and entitles the parties to put their case and answer that of their opponent in a sequence of exchanges managed by the arbitrator. Proceedings can last from a few months to a year or more depending on the complexity of the dispute but an arbitrator is under a general obligation not to incur unnecessary delays.
Unlike litigation, parties may represent themselves thereby keeping costs down but the process differs from adjudication in that the arbitrator has powers to award costs against the losing party.
The Benefits Of Using An Arbitrator
Arbitration is usually quicker and cheaper than litigation but not always. This may depend on a number of factors such as whether a hearing is required or if experts are involved. Compared with litigation, the process is far less formal and, whenever possible, conducted on a documents-only basis.