Arbitrament is a noun that refers to the act or process of making a decision or judgment, typically by an arbitrator or a third party. It involves resolving a dispute or settling a disagreement through a formal and binding determination. Arbitrament often occurs when parties involved cannot reach a consensus on their own and seek an impartial authority to make a final ruling. This term is commonly used in legal contexts, where it signifies the resolution of a legal dispute through arbitration.
Arbitrament refers to the process of resolving a dispute through arbitration, which is a form of alternative dispute resolution. In an arbitrament, the parties involved agree to submit their dispute to one or more arbitrators who act as neutral third parties. The arbitrators review the evidence and arguments presented by both sides and make a binding decision, known as an arbitral award. This process is typically governed by the rules and procedures agreed upon by the parties or prescribed by the applicable arbitration laws. The arbitrament process is often chosen as an alternative to litigation due to its perceived advantages, such as confidentiality, flexibility, and the expertise of the arbitrators. The resulting arbitral award is generally enforceable in courts, and the parties are expected to comply with the decision reached through arbitrament.
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This glossary post was last updated: 29th March 2024.
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