Guide on Arbitration

What is Arbitration?
Arbitration is a form of conflict resolution where a neutral third party, known as an arbitrator, makes a decision to resolve a dispute. It is typically used as an alternative to litigation, particularly in business conflicts.

Why is Arbitration important?
Arbitration is a faster, often less expensive, and more confidential method of dispute resolution than court litigation, making it an appealing choice for many businesses. Skills in arbitration can be critical in the process of conflict management.

How does Arbitration work?
Arbitration involves the parties in dispute presenting their positions, with evidence, to the arbitrator. The arbitrator reviews the circumstances and makes a decision.

How to answer questions regarding Arbitration in an exam:
Understand the process, benefits, and drawbacks of arbitration. Tailor your responses to the specific question, providing relevant examples or case studies where possible.

Exam Tips: Answering Questions on Arbitration
Keep your answers concise and to the point. Always back up your answers with relevant law or arbitration procedures. Discuss the process of arbitration, its advantages, and its potential disadvantages. Don’t forget to mention alternatives to arbitration, such as mediation or litigation.