Arbitration Agreement
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Arbitration Agreement
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what is Arbitration Agreement?
An Arbitration Agreement is an agreement whereby the parties agree to submit all or some of their issues to be adjudicated by an arbitral tribunal. Arbitration is an alternate dispute mechanism to resolve disputes without filing a lawsuit and going to court. The arbitration process is similar to the proceedings in a court case: the parties may have lawyers, they exchange information, and there is a hearing where they question witnesses and present their cases. The arbitrator will make a decision after hearing both the sides. An arbitration agreement may be in the form of an arbitration clause in a contract or in the form of a separate agreement.
Benefits of Arbitration agreement:
In a Arbitration Agreement the parties can choose what matters are to be adjudicated and submit only those before the arbitral tribunal and is a faster way to resolve conflicts between the parties. An Arbitration Agreement assures the parties that they are not left without any remedy if there is a major breach conducted by the other party. Many commercial organizations prefer to settle disputes through arbitration as opposed to litigation is because the confidential nature of proceedings.
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