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: -Arbitration is a private process where disputing parties agree that one or several individuals can make a decision about the dispute after receiving evidence and hearing arguments. Arbitration is different from mediation because the neutral arbitrator has the authority to make a decision about the dispute.

Detailed explanation-3: -There are only three principles driving effective dispute resolution: Be fair-treat people fairly and follow fair processes. Put things right. Learn from outcomes.

Detailed explanation-4: -Arbitration as a dispute resolution is used mostly in commercial disputes, consumer disputes, credit obligation disputes, and state or investor disputes. It can also be used to resolve disputes among the family, laborers, or workers. An arbitrator is an official person that will make the final decision.

Detailed explanation-5: -Arbitration is a type of alternative dispute resolution. In some cases, when arbitration is used, you and the party you’re in dispute with don’t have to meet to discuss the problem again. Arbitration is a way of settling a dispute without having to go to court.