Arbitration 5
Arbitration 5 : A way of settling disputes by the use of a third party. This method of dispute settlement is different from that of conciliation or mediation, in that decisions arrived at are binding on the parties to the dispute. Arbitration may be of two types - voluntary and compulsory. With voluntary arbitration, the disputing parties, recognizing that there is an impasse; agree among themselves to the use of a third party of their choice, with a view to finding a solution. In this form of arbitration, the arbitrator is usually selected from a list of well-known, competent and neutral persons. In some countries, legislation may permit for the parties to refer the matter to the state for arbitration. In the case of compulsory arbitration, the disputing parties, on reaching an impasse, are bound, usually by legislation, to subjecting the dispute to an arbitrator. In most cases of compulsory arbitration, the arbitrator is a tribunal or industrial/labour court
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