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: -The parties and arbitrators meet in person to conduct the hearing in which the parties present arguments and evidence in support of their respective cases. After the conclusion of the hearing, the arbitrators deliberate the facts of the case and render a written decision called an award.

Detailed explanation-3: -Arbitration as a means of settlement of the international dispute. The process that involves the agreement of the parties to solve a dispute is called arbitration. Disputes in arbitration are resolved with a binding effect of the parties by the third party that acts in a judicial manner to resolve the dispute.

Detailed explanation-4: -Arbitration under the Industrial dispute act Arbitration is a mechanism in which a dispute is resolved by a impartial third party whose decision is final and binding upon the parties.