Disadvantages And Disadvantages Of Arbitration Law

It is of utmost important that we discuss today a process that would aid us settle the dispute between Suppliers Nigeria Ltd (SNL) and Erganics Nigeria Ltd amicably. Going to litigation has its advantages but the advantages of arbitration outweighs it. Thus, before I give the advantages, I’ll like to explain what arbitration revolves around

ARBITRATION

This is a way to resolve disputes outside the courts. The dispute will be decided by one or more unbiased adjudicator (the "arbitrators" or "arbitral tribunal"), who renders the " arbitral award also known as arbitral decision". An arbitral decision is lawfully enforceable in the courts. Arbitration is a procedure in which a dispute is settled by a decision the parties to the dispute have agreed, or legislation has decreed, will be final

Most states have provisions in their civil practice rules for arbitration. These provide a basic template for the arbitration as well as procedures for confirmation of an arbitrator’s award. Arbitration can be either voluntary or mandatory (although mandatory arbitration can only come from a statute or from a contract that is voluntarily entered into, in which the parties agree to hold all existing or future disputes to arbitration, without necessarily knowing, specifically, what disputes will ever occur) and can be either binding or non-binding, The principal distinction is that whereas a mediator will try to help the parties find a middle ground on which to compromise, the (non-binding) arbitrator remains totally removed from the settlement process and will only give a determination of liability and, if appropriate, an indication of the quantum of damages payable. By one definition arbitration is binding and non-binding arbitration is therefore technically not