BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.

Detailed explanation-2: -What is binding arbitration? Binding arbitration involves the submission of a dispute to a neutral party who hears the case and makes a decision. Arbitration takes the place of a trial before a judge or jury.

Detailed explanation-3: -Unless otherwise agreed, the decision is legally binding and non-appealable, except in extremely limited circumstances, such as in the case of fraud or collusion on the part of the arbitrator. In general the arbitrator is an impartial person chosen by the parties.

Detailed explanation-4: -India: If There Is No Arbitration Agreement Between The Parties, The Court Cannot Refer The Parties To Arbitration Without A Joint Memo Or Written Application By The Parties.