Managing Arbitration
Arbitration is a type of dispute resolution in which an independent third party arbitrates – like a referee. The term refers to either a private or judicial dispute. In an arbitration hearing, an arbitrator or a tribunal mediates the dispute. The parties in dispute hand over the power to decide the dispute. Therefore, unlike a referee in a sports match, the arbitrator makes a final determination. The arbitrator’s decision determines the outcome of the dispute. The role of the arbitrator is more similar to that of a judge than a referee. However, the process is less formal than the proceedings in court. In most cases, arbitrators are experts in their own right. Arbitration is often a better alternative to legislation (the courts) for many reasons. First, the arbitrator is usually an expert. Second, the arbitrator can often make decisions that a judge cannot. And finally, it is much cheaper and faster. Furthermore, the organizers can tailor the procedure to the needs of the disputing parties[Arbitration]. A particular body for resolving various conflicts between individuals, legal entities, and states. History The roots of A. reach the depths of сenturies, when instead of autocracy as the beginning. the state came as a form of rights protection. protection of physical rights and law persons. Arbitration proceedings became widely used in Staradov Greece and were successful in some instances regarding the ownership of territories, borders, and trade. and religious rights. The arbitrators were most often chosen, especially in the older era, religious. organizations, friendly cities, and private individuals: flight. figures, winners in Olympia. games, etc. In Saratov, Greece even had separate agreements on permanent arbitration. court of the allies contracts[Encyclopedia of Modern Ukraine].
Arbitration. Definition and examples. Market Business News. Retrieved from: https://marketbusinessnews.com/financial-glossary/arbitration-definition-meaning/
O. I. Baranovskyi. (2009) Arbitration // Encyclopedia of Modern Ukraine: an encyclopedia. Institute of Encyclopedic Research of the National Academy of Sciences of Ukraine. Retrieved, from: https://esu.com.ua/article-43170