Arbitration is a form of alternative dispute resolution (ADR) where parties agree to resolve their dispute by a neutral tribunal, typically comprising at least one arbitrator, whose decision is binding. This method offers a private and confidential resolution process instead of going to court.
Arbitration can handle various civil disputes, including construction, commercial, employment, tenancy, renovation, media, entertainment, and travel-related issues. It’s a consensual process, requiring both parties’ agreement or a signed agreement to refer an existing dispute to arbitration.
Key benefits of arbitration include neutrality to legal systems, languages, and cultures, avoiding potential home court advantage, the freedom to choose arbitrators with relevant expertise, privacy and confidentiality of proceedings, and the enforceability of arbitral awards. Parties can enforce arbitral awards by registering them with the relevant court for enforcement against the other party.