1. Arbitrator : “An arbitrator is a private judge of a private court delivering a private judgment.” – Russel
2. Alternative Dispute Resolution (ADR ) : ADR refers to methods like mediation, arbitration, and conciliation for resolving disputes without a trial. It is generally confidential, less formal, and less stressful than court proceedings.
3. ADRMethods :
- Negotiation : Informal and flexible, allowing parties to control the process and outcome.
- Mediation : Involves a mediator facilitating settlement discussions; non-binding.
- Arbitration : A formal process resembling court proceedings, with simplified rules.
- Conciliation : A non-binding negotiation facilitated by a third party under specific legal provisions.
4. Arbitration : Defined as a private process where disputes are resolved by an agreed-upon third party, distinct from court litigation.
5 Arbitration Types :
- Ad-hoc
- Institutional
- Contractual
- Statutory
- Domestic
- International
- Foreign
6. Arbitration vs Litigation :
- Arbitration is private and civil; litigation can be public and criminal or civil.
- Arbitration is cost-effective and quicker.
- Parties in arbitration select the arbitrator, unlike court litigation where judges are assigned.