Mr. Box and Carl have a dispute concerning a contract in which they have entered. The parties meet

Business

1 answer:

Ivanshal [37]3 years ago

6 0

Answer:

Arbitration

Explanation:

Arbitration is one of the mechanisms used in dispute resolution. It involves engaging an independent third party to make a binding decision on the disputed matter. The third part may be a single person known as the arbitrator or a tribunal made up of several arbitrators. The arbitration process is applicable only when the conflicting parties agree to it.

The arbitration process is similar to court proceedings. Each of the disputing parties is given a fair chance to argue their case and give evidence. The arbitrators are expected to be knowledgeable in the matters surrounding the dispute, or an expert on the law. The decision of an arbitrator is binding to all parties. Private entities and families prefer arbitration because it is faster , cheaper, and the conflicting issues are kept away from the public.

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