What Is Arbitration?
Arbitration is a private, informal process by which all parties agree, in writing, to submit their disputes to one or more impartial persons authorized to resolve the controversy by rendering a final and binding award. It is used for a wide variety of disputes from commercial disagreements involving construction securities transactions, computers or real estate (to name just a few), to insurance claims and laborunion grievances. When an agreement to arbitrate is included in a contract, it might expedite peaceful settlement without the necessity of going to arbitration at all. Thus, an arbitration clause is a form of insurance against less of good will.
Other Maryland Alternative Dispute Resolution FAQs
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Q:
Who Is Aaa?
A: American Arbitration Association -
Q:
What Is The Procedure For Arbitration?
A: The procedure is relatively simple: courtroom rules of evidence are not strictly applicable; there usually is no motion practice or formal discovery; and there is no … More -
Q:
How Do I Know If I Have To Go To Arbitration?
A: Depending on the rules used and the type of the case, notices may be served by regular mail, addressed to the party or its representative at the last known address. … More -
Q:
Does Arbitration Enforce Settlement?
A: The award can be enforced in any court having jurisdiction, with only limited statutory grounds for resisting the award. If, in a domestic transaction, as … More
