BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -When the arbitrator makes a decision, this is called an award and it’s legally binding. If you don’t agree with the decision, you can’t take your case to court to get the decision changed.

Detailed explanation-2: -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.

Detailed explanation-3: -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-4: -The arbitrator’s final decision on the case is called the “award.” This is like a judge’s or jury’s decision in a court case. Once the arbitrator decides that all of the parties’ evidence and arguments have been presented, the arbitrator will close the hearings. This means no more evidence or arguments will be allowed.

Detailed explanation-5: -Binding arbitration means that the parties waive their right to a trial and agree to accept the arbitrator’s decision as final. Generally, there is no right to appeal an arbitrator’s decision. Non-binding arbitration means that the parties are free to request a trial if they do not accept the arbitrator’s decision.