Arbitration Terms Explained 📝

arbitration is a method of resolving disputes outside the court system. it involves a neutral third party, known as an arbitrator, who listens to both sides and makes a binding decision. unlike litigation, arbitration is often faster and more flexible. the process can be formal or informal, depending on the agreement between parties. confidentiality is one of its key features, ensuring that sensitive information remains private. for instance, in business contracts, arbitration clauses are commonly included to avoid public trials. another term is "arbitral tribunal," which refers to the group of arbitrators handling a case. awards made by arbitrators are usually final and enforceable under international conventions like the New York Convention. while arbitration offers a private solution, it's not without limitations. some argue it lacks transparency compared to court proceedings. yet, for many, it provides a practical way to settle disagreements efficiently. whether you're signing a contract or dealing with a business dispute, understanding these terms is essential. 🚀✨