The provision in a contract mandating that all disputes arising under the contract be settled by arbitration is called a binding arbitration clause.
Donald James Golding has written: 'Arbitration on building contract disputes' -- subject(s): Arbitration and award, Construction contracts
Arbitration is generally much cheaper than the cost of going to trial. Many contracts require abitration and do not permit itigation in the courts.
Including an arbitration agreement in a contract can provide a quicker and more cost-effective resolution of disputes, as well as privacy and confidentiality. However, it may limit access to the court system and the ability to appeal decisions, potentially favoring the party with more resources or experience in arbitration.
Rights Arbitration - This term is used in the context of disputes arising out of existing agreements. Therefore, rights arbitration involves interpretation of existing contract terms.Interest Arbitration - This term is used when disputes arise and there is no agreement.As per the book - Labor Relations and Collective Bargaining by Carrell and Heavrin (7th Edition, Prentice Hall), Rights arbitration is found in almost every labor agreement today and is used far more today than interest arbitration. Because interest arbitration tends to have a broader scope than rights arbitration, many unresolved issues are present in interest arbitration.
An arbitration clause is verbiage inserted into a contract document which compells the parties to the contract to seek alternate methods of dispute resolution should disputes arise. In short, it compells the parties to hire a neutral party to decide which side prevails after hearing arguments and examining evidence. Courts are not involved.Joe Farsetta
There is a document you signed when you opened the account that said you would never sue but instead go through arbitration....in some cases it is a great alternative. But not in all cases. Giving up your right to a jury trial is the devils work, imho. If corporations can't find six good jurors that understand what is going on, imho they should not be doing it. Jurors are vital, if you care about people.
Samuel R. Zack has written: 'Arbitration of labor disputes' -- subject(s): Arbitration, Industrial, Industrial Arbitration
In pursuance of the ideals set in the UNCTAD the ,then existing arbitration act of 1940 was suitably amended to promulgate the arbitration and reconciliation act of 1996.This act ensures a leeway for peaceful settlement of disputes with mutual consent.
E. E. Clark has written: 'Arbitration of industrial disputes' -- subject(s): Industrial Arbitration
The avoidance of doubt clause in legal contracts is a provision that clarifies any potential misunderstandings or ambiguities in the contract to prevent future disputes.
Inspection arbitration is a service dedicated to settling disputes between clients and inspectors. Inspection arbitration deals solely with inspection-related disputes, and unlike other arbitration and mediation services, concentrates on providing lower-cost solutions to inspection-related complaints, via Internet-based processes and neutrals familiar with the inspection industry. Joe Farsetta
Annex VII refers to a section of the United Nations Convention on the Law of the Sea (UNCLOS) that deals with arbitration provisions for disputes. It outlines the procedures for resolving disputes between parties to the convention through arbitration tribunals.