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What is arbitration? Arbitration is where the settlement of a dispute (conflict) is sent before one or a group of independent (impartial) persons for adjudication - Leaving Cert Business - Question 1 - 2002
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What is arbitration? Arbitration is where the settlement of a dispute (conflict) is sent before one or a group of independent (impartial) persons for adjudication. ... show full transcript
Worked Solution & Example Answer:What is arbitration? Arbitration is where the settlement of a dispute (conflict) is sent before one or a group of independent (impartial) persons for adjudication - Leaving Cert Business - Question 1 - 2002
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What is arbitration?
Answer
Arbitration refers to the process by which disputes are resolved by submitting them to one or more neutral third parties for a binding decision. Both parties in a conflict agree beforehand to accept the arbitrator’s judgment. The process is typically faster and less formal than court proceedings, making it a popular option for resolving various types of disputes, including contractual issues and labor relations.