Guidance Notes – Arbitration
Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. The parties opt for a private dispute resolution procedure instead of the litigation procedure. Arbitration can only take place if both parties have agreed it. In the case of future disputes arising under a contract, the parties include an arbitration clause in the relevant contract. An existing dispute can be referred to arbitration by means of a submission agreement between the parties.
There are typically seven stages of the arbitration process:
- The Claimant Files a Claim.
- The Respondent Submits Answer.
- Both Parties Select Arbitrator/s.
- Parties Attend Initial Prehearing Conference.
- Parties Exchange Discovery.
- Parties Attend Hearings.
- Arbitrators Deliberate and Render a binding decision.