Arbitration is a procedure for the resolution of disputes on a private basis through the appointment of an arbitrator, an independent, neutral third person who hears and considers the merits of the dispute and renders a final and binding decision called an award.
A Complete the following text about arbitration with words from the box.
The process is similar to the litigation process as it involves . However, the parties choose their and the manner in which the will proceed. For example, if the . is fairly straightforward and does not involve any factual questions, the parties may agree to waive a formal . and provide the arbitrator with written .. and . only, called a documents only arbitration. However, in other cases the parties may wish a full hearing. Therefore, the parties create their own adjudicatory .. which is tailor-made to the particular .. of the parties and the nature of the dispute.
The advantages of arbitration over court adjudication can include the following:
▪ Expertise of the .: The parties can choose an arbitrator who has . knowledge of the law, business or trade in which the dispute has arisen.
▪ Low cost: Arbitration is not . if the process is kept simple.
▪ Speed: Arbitration can be arranged within days, weeks or months.
▪ : Arbitration does not take as long as litigation.
B We have seen the noun 'arbitration' and the verb 'arbitrate'. Now complete the missing words in the table.
5. Person who helps things happen.
7. One advantage of mediation - the price.
8. Speak while another is speaking.
10. Bargaining in order to find agreement. (N)
13. Willingness to provide information.
15. Result of agreement between the parties.
17. Mediation is an effective to resolve disputes.
18. Fast. (noun)
19. Having special ability. (adj)
1. The mediator aims to find common ..
2. Both sides often have to .. to reach agreement.
3. The mediator aims to bring the parties to a of the dispute.
4. Both sides must accept these. (2 words)
6. An arbitrator is an third party, who is not biased.
12. First the mediator learns the ..of the parties.
16. The mediator must to the details of the dispute.
The most popular form of ADR is mediation. Mediation is a process of dispute resolution focused on effective communication and negotiation skills.