GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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helps disputing parties make a decision
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is an independent 3rd party helps facilitate conversation
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makes suggestions on how to resolve a dispute
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independent 3rd party which makes a final ruling on a dispute
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Detailed explanation-1: -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-2: -Like mediation, arbitration utilizes a neutral third party, called the Arbitrator, to resolve the conflict between the parties outside of a courtroom. However, unlike mediation, the Arbitrator serves as a private judge to listen to the evidence and make rulings to determine the outcome of the dispute.
Detailed explanation-3: -In arbitration, a neutral third party serves as a judge who is responsible for resolving the dispute. The arbitrator listens as each side argues its case and presents relevant evidence, then renders a binding decision.
Detailed explanation-4: -A third party to an arbitration is a non-signatory party with no direct association with the agreement. As per several judgements by Indian judicial authorities, they are neither considered necessary or proper parties to initiate proceedings nor are they bound by the contract [1].