Full Description
Arbitration is the process by which a difference among parties as to their mutual legal rights is referred and determined with a binding effect by the application of law through an arbitral tribunal instead of a court. Arbitration enhances access to justice by permitting claimants to bring claims they could not afford to bring in court. Arbitration agreements are to be construed according to general rules governing the interpretation of contracts, taking into account the intention of the parties and the strong public policy in favor of arbitration. Arbitration is praised as an economical and expeditious alternative to judicial recourse. Arbitration advantages include neutrality of forum, speed, lower cost, informality, enforcement, language, and confidentiality. Arbitration has been gaining credit by asserting its independence or autonomy from the judicial process, as it has struggled to establish itself as a parallel means of adjudication. It is time for an independent arbitration.
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