Arbitration is a non-judicial process for the settlement of disputes where an independent third party - an arbitrator - makes a decision that is binding.
The role of an arbitrator is similar to that of a judge, though the procedures can be less formal and an arbitrator is usually an expert in their own right.
The are many advantages to arbitration:
- the process can be tailored to suit parties’ particular needs
- arbitrators can be chosen for their expertise
- it is confidential
- it can be speedier and cheaper than court
- there are limited grounds of appeal
- arbitral awards are binding and enforceable through the courts.
How does it work?
A decision is reached by an arbitrator, either on a documents only basis, or following hearings that take place at an agreed venue.
For a dispute to be referred to arbitration either:
- both parties will be in agreement for the matter to be referred to arbitration with CIArb
- there will be an arbitration clause in a contract between the parties that names CIArb, or the President of CIArb, as the appointing body in any dispute under the contract (a copy of the contract would need to be seen by CIArb before the appointment of an arbitrator could proceed.)
What is the next step?
Visit our Find an Arbitrator page for the options we offer in appointing an arbitrator for your dispute.