Arbitration意思
Arbitration is a method of resolving disputes outside of the court system. It involves the submission of a dispute to one or more impartial persons (arbitrators or arbiters) for a final and binding decision. Arbitration is often used as an alternative to litigation, especially in commercial and international disputes, because it can be faster, cheaper, and more confidential than going to court.
In an arbitration proceeding, the parties agree to be bound by the decision of the arbitrator(s), which is known as an "award." The award is final and enforceable in court under the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, which has been adopted by over 150 countries.
There are two main types of arbitration:
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Ad hoc arbitration: This is where the parties agree to use arbitration to resolve their dispute, but they do not use an established arbitration institution to administer the process. Instead, they agree on the rules that will govern the arbitration and appoint the arbitrator(s) themselves.
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Institutional arbitration: This is where the parties submit their dispute to an arbitration institution, such as the International Chamber of Commerce (ICC), the London Court of International Arbitration (LCIA), or the American Arbitration Association (AAA). These institutions have their own rules and procedures for conducting arbitrations, and they provide administrative support and appoint arbitrators.
Arbitration is typically governed by an arbitration clause in a contract between the parties, or by a separate arbitration agreement. The arbitration clause or agreement will specify the rules that will apply to the arbitration, the number of arbitrators, the seat or place of arbitration, and other procedural matters.