Arbitration, is one of the most important form of alternative dispute resolution (ADR). Arbitration starts with an arbitration agreement and is a way to resolve disputes outside the courts. The dispute will be decided by one or more persons (the “arbitrators”, “arbiters” or “arbitral tribunal”), which renders the “arbitration award”. An arbitration award is legally binding on both sides and enforceable in the courts. At INS LAW NETWORK we have experience Arbitrators and Mediators who resolve the disputes under Arbitration & Reconciliation Act judiciously.
Arbitration is often used for the resolution of commercial disputes, particularly in the context of higher end commercial transactions. Arbitration can be either voluntary or mandatory (although mandatory arbitration can only come from a statute or from a contract that one party imposes on the other, in which the parties agree to hold all existing or future disputes to arbitration, without necessarily knowing, specifically, what disputes will ever occur) and can be either binding or non-binding. Non-binding arbitration is similar to mediation in that a decision cannot be imposed on the parties. However, the principal distinction is that whereas a mediator will try to help the parties find a middle ground on which to compromise, the (non-binding) arbiter remains totally removed from the settlement process and will only give a determination of liability and, if appropriate, an indication of the quantum of damages payable. By one definition arbitration is binding and non-binding arbitration is therefore technically not arbitration.
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