Define: Arbitrament And Award

Arbitration and award refer to the process and outcome of resolving a dispute through arbitration. Arbitration is a method of alternative dispute resolution where parties agree to have their dispute heard and decided by an impartial third party, known as an arbitrator or a panel of arbitrators, instead of going to court.

The process of arbitrament involves the submission of the dispute to the arbitrator, who then conducts a hearing where both parties present their arguments, evidence, and witnesses. The arbitrator carefully considers the facts and legal issues involved and makes a decision, known as an award, which is binding on the parties.

The award is the final outcome of the arbitration process and serves as a resolution to the dispute. It may include a determination of liability, the amount of damages to be awarded, or any other relief deemed appropriate by the arbitrator. The award is typically in writing and is provided to the parties, who are obligated to comply with its terms.

Arbitration and awarding have several advantages over traditional litigation, including confidentiality, flexibility, and the ability to choose an arbitrator with expertise in the subject matter of the dispute. Additionally, the arbitral process is generally faster and less formal than court proceedings.

However, it is important to note that the enforceability of an arbitral award may vary depending on the jurisdiction and the applicable laws. In many countries, including the United States, the award can be confirmed by a court, which gives it the same legal effect as a court judgement.

This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 11th April 2024.