A process of dispute resolution in which a neutral third party (arbitrator) renders a decision after a hearing at which both parties have an opportunity to be heard. Where arbitration is voluntary, the disputing parties select the arbitrator who has the power to render a binding decision.
An arrangement for taking and abiding by the judgment of selected persons in some disputed matter, instead of carrying it to established tribunals of justice, and is intended to avoid the formalities, the delay, the expense and vexation of ordinary litigation. Wauregan Mills Inc. v. Textile Workers Union of America, A.F.L.C.I.O., 21 Conn.Sup. 134, 146 A.2d 592, 595.
Such arbitration provisions are common in union collective bargaining agreements. The majority of the states have adopted the Uniform Arbitration Act. Agreements to arbitrate have been declared to be valid and fully enforceable by statute. 9 U.S.C.A. No. 2.
An organization that provides arbitration services is the American Arbitration Association (q.v.).
@ compulsory arbitration
Compulsory arbitration is that which occurs when the consent of one of the parties is enforced by statutory provisions. Examples of such are state statutes requiring compulsory arbitration of labor disputes involving public employees.
See arbitration clause
- voluntary arbitration
@ final offer arbitration
Final offer arbitration. In this type of arbitration, the arbitrator must choose the final offer of either one party or the other and is, therefore, not permitted to compromise.
@ interest arbitration
@ grievance arbitration
@ interest and grievance arbitration
Interest and grievance arbitration distinguished. Interest arbitration involves settlement of terms of a contract between the parties as contrasted with grievance arbitration which concerns the violation or interpretation of an existing contract. School Committee of Boston et al. v. Boston Teachers Union etc., 363 N.E.2d 485.
@ voluntary arbitration
Voluntary arbitration is by mutual and free consent of the parties
@ Arbitration Acts
Federal and state laws which provide for submission of disputes to process of arbitration, including labor grievances and disputes of public employees. An example of a federal Act is Title 9, U.S.C.A. No. 1 et seq. which governs settlement of disputes involved in maritime transactions and commerce under federal statutes. Most states have arbitration acts, many of which are patterned on the Uniform Arbitration Act. The purpose of such acts, in general, is to validate arbitration agreements, make the arbitration process effective, provide necessary safeguards, and provide an efficient procedure when judicial assistance is necessary
@ arbitration and award
An affirmative defense to the effect that the subject matter of the action has been settled by a prior arbitration. Fed.R. Civil P. 8(c)
@ arbitration board
A panel of arbitrators appointed to hear and decide a dispute according to rules of arbitration.
@ arbitration clause
A clause inserted in a contract providing for compulsory arbitration in case of dispute as to rights or liabilities under such contract; e.g. disputes arising under union collective bargaining agreement, or disputes between consumer and retailer or manufacturer. The purpose of such clause is to avoid having to litigate disputes that might arise
@ arbitration of exchange
This takes place where a merchant pays his debts in one country by a bill of exchange upon another. The business of buying and selling exchange (bills of exchange) between two or more countries or markets, and particularly where the profits of such business are to be derived from a calculation of the relative value of exchange in the two countries or markets, and by taking advantage of the fact that the rate of exchange may be higher in the one place than in the other at the same time.

Black's law dictionary. . 1990.

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  • arbitration — arbitrage (франц.) = Schiedsgerichtsbarkeit (нем.) арбитраж, разрешение спора нейтральным лицом или органом, полномочия которого основаны на арбитражном соглашении (arbitration agreement) и чье решение носит окончательный и обязательный характер …   Glossary of international commercial arbitration

  • arbitration agreement — compromise arbitral (франц.) = Schied svereinbarung (нем.) соглашение, которое имеет своей целью передачу спора на рассмотрение в арбитраж (arbitration). Арбитражное соглашение может быть заключено до или после возникновения спора как в виде… …   Glossary of international commercial arbitration

  • arbitration costs — frais d arbitrage (франц.) = Schiedskosten (нем.) расходы, связанные с проведением арбитража. Обычно включают в себя оплату услуг арбитров (fee), компенсацию понесенных ими в связи с арбитражным разбирательством расходов, оплату сбора… …   Glossary of international commercial arbitration

  • arbitration clause — clause compromissoire (франц.) = Schiedsklausel (нем.) арбитражная оговорка, статья договора, предусматривающая рассмотрение споров в арбитраже. Является наиболее распространенной формой фиксации арбитражного соглашения (arbitration agreement).… …   Glossary of international commercial arbitration

  • arbitration rules — règlament d arbitrage (франц.) = Schieds(gerichts)ordnung (нем.) регламент, правила проведения арбитражного разбирательства, которыми согласились руководствоваться стороны. Большинство регламентов институциональных арбитражей (institutional… …   Glossary of international commercial arbitration

  • Arbitration — • A method of arranging differences between two parties by referring them to the judgment of a disinterested outsider whose decision the parties to a dispute agree in advance to accept as in some way binding Catholic Encyclopedia. Kevin Knight.… …   Catholic encyclopedia

  • arbitration — ar·bi·tra·tion /ˌär bə trā shən/ n [Latin arbitratio, from arbitrari to judge, arbitrate, from arbiter onlooker, arbitrator]: the process of resolving a dispute (as between labor and management) or a grievance outside of the court system by… …   Law dictionary

  • ARBITRATION — ARBITRATION, method of settling disputes by their submission, voluntarily and with the mutual consent of all parties, for adjudication by a person or institution. Function of Arbitration In ancient Greek and Roman law – up to the middle of the… …   Encyclopedia of Judaism

  • Arbitration — Ar bi*tra tion, n. [F. arbitration, L. arbitratio, fr. arbitrari.] The hearing and determination of a cause between parties in controversy, by a person or persons chosen by the parties. [1913 Webster] Note: This may be done by one person; but it… …   The Collaborative International Dictionary of English

  • Arbitration — steht für einen juristischen Vermittlungsvorgang, siehe Schiedsverfahren, bzw. die verwandte Mediation eine elektronische Schaltung, siehe Arbiter Diese Seite ist eine Begriffsklärung zur Unterscheid …   Deutsch Wikipedia

  • arbitration — A dispute resolution mechanism, whereby an independent neutral third party is appointed to hear and consider the merits of the dispute, and who renders a final and binding decision called an award. (Dictionary of Canadian Bankruptcy Terms) United …   Glossary of Bankruptcy

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