Difference between revisions of "Arbitration"
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− | + | == What does arbitration mean? == | |
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+ | 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. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court. It is used as an out-of-court method to resolve disputes. Arbitration is an important means of reducing the time and cost usually associated with court proceedings. | ||
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+ | ==See Also== | ||
+ | *[[Outsourcing Relationship Management (ORM)]] | ||
+ | *[[Vendor Relationship Management (VRM)]] | ||
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+ | ==References= | ||
+ | <references /> |
Revision as of 14:25, 16 December 2022
What does arbitration mean?
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. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court. It is used as an out-of-court method to resolve disputes. Arbitration is an important means of reducing the time and cost usually associated with court proceedings.
See Also