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2.2.2. Arbitration

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.


Advantages of Arbitration Disadvantages of Arbitration

Fast, flexible and confidential

Choice of arbitrator with expertise

Limited rights of review and appeal of arbitration awards

Parties waive rights to access courts if arbitration in contracts is mandatory

Pressure from powerful parties may lead to biased procedures owing to their influence

High fees charged by arbitrators

Limited avenues of appeal to overturn erroneous decision

 

Arbitration and Conciliation Act, 2019Features of Arbitration and Conciliation (Amendment) Act, 2019Benefits of the Arbitration ActIssues with the act