Which Arbitration Do You Need?
Arbitration is a method that is commonly used to settle legal disputes. This option is available if both parties agree to it. A written contract usually needs to be signed to state that both parties agree to arbitration. The contract usually includes details regarding when arbitration will be made and which issues it will address. These are the different types of arbitration used to resolve conflicts.
This process consists in having a neutral party listen to both sides and review the facts. The arbitration is based on the facts that were found. The purpose of this type of arbitration is to determine if one of the parties has been wronged.
This type of arbitration is used when there is a complaint regarding the violation of a contract. A neutral party will review the facts and the contract to determine whether or not the terms of the contract have been violated by one of the parties.
Statutory Disputes Arbitration
The purpose of statutory disputes arbitration is to determine whether a specific case falls under a label such as discrimination. The outcome of this type of arbitration will determine how the case is processed.
This is a type of arbitration that is often used in industrial and commercial disputes. A pendulum arbitration presents the arbitrators with two possible options. The neutral party has to determine which position is the most reasonable and choose one of the two options. This process is also known as baseball arbitration.
Night Baseball Arbitration
This type of arbitration is similar to pendulum or baseball arbitration. The only difference is that the arbitrators are presented with the facts without knowing about the identity of the parties on the two sides of the dispute. This process allows the arbitrators to make a neutral decision without being influenced by who the two parties are.
This type of arbitration allows the two parties to settle for the minimum amount of reparation determined by the arbitrators. Both parties can agree to a bracketed arbitration in advance for cases that involve a financial reparation.
This type of arbitration is often agreed upon in advance as a contract clause. The outcome of this type of arbitration replaces a litigation and both parties might have to perform specific actions as a result of the arbitration. The decision can be enforced by a court of law if both parties agree to this term prior to the arbitration.
There are no legal obligations associated with this type of arbitration. Nonbinding arbitration can be a way to settle conflicts without going to court. The purpose of this type of arbitration is to find a resolution to an issue.
These are the main different types of arbitrations. If you are thinking about settling a dispute with this method, you should reach out to the other party and determine what kind of arbitration would be most relevant for the dispute you want to settle.