Arbitration is sometimes referred to as the opposite of litigation. A neutral third party or panel of third parties are hired to hear both ends of an argument and make a fair decision, based on each party’s presentation. Arbitration is beneficial to both parties involved, because it is cheaper, faster, and offers more privacy.
With regards to forms of alternative dispute resolution, or ADR, arbitration is one of the most widely popular methods ascribed to for resolving all types of disputes. The process of a solution stemming from arbitration begins with a dispute between two or more parties. The disputing parties will then seek the, through their mutual agreement, an impartial arbitrator, who will be the third party making the decision of the resolution of the dispute. Arbitrators will hear both parties statement, observe evidence, and hear all arguments from both parties involved in the dispute and
Although alternative dispute resolution through arbitration is one of the most prevalently ascribed to methods for resolving disputes between individuals and parties, there are some disadvantages to the process. Additionally, some disputes may not prove best resolved through arbitration either. Arbitration, itself, is a process of two parties mutually agreeing to allow a third, impartial party make a decision regarding an outstanding dispute. The decisions from an arbitrator are legally binding, and are enforceable in the court of law per the Federal Arbitration Act, as well as n
Maryland law requires home improvement contracts to have the arbitration clause initialed presumably so that the homeowner will acknowledge and understand that he or she is giving up their right to pursue remedies in court and must have their disputes resolved via arbitration...