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Arbitration
Arbitration
is a method of dispute resolution in which the parties use an independent
arbitrator or arbitrators to act in place of a judge or jury to settle
disputes. Arbitration can be a cost-effective alternative to lawsuits.
Arbitration is faster, requires less preparation time, and allows the
parties to meet with the arbitrator sooner than a Court date would be
made to hear civil litigation.
For it to
be meaningful, the arbitrator's judgment should be binding on both parties.
An arbitrator should have the required training, and should be familiar
with industry practices, contracts, and applicable State and Federal laws.
Arbitration, as a dispute resolution process, is usually specified in
a contract or initial agreement as the method by which the seller and
buyer agree to resolve disputes that may arise from time to time.
Edited
by Michael Dennis, author of "Credit and Collection Handbook"
available at the NACM
Bookstore. |
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