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Arbitration is a process in which a dispute is settled, not by a court, but by an arbitrator appointed by the parties.
Arbitration is a process in which a dispute is settled, not by a court, but by an arbitrator appointed by the parties – and the parties agree to be binding to an arbitration award. Thanks to the simplicity of the arbitration process and the fact that the parties could choose an arbitrator who specialize in the disputed matter, the process of arbitration is quick and cost-saving.
Arbitration award is binding to the parties
An arbitration award is binding to the parties. Providing that the losing party fails to comply with the award, the winning party could apply to a court of jurisdiction for the enforcement of such award.
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