Define: Arbitration Panel

Arbitration Panel
Arbitration Panel
Quick Summary of Arbitration Panel

An arbitration panel is a group of individuals selected to resolve disputes between parties through arbitration, a private alternative dispute resolution method. The panel typically consists of one or more arbitrators who are neutral third parties chosen by the disputing parties or appointed according to the rules of an arbitration agreement or institution. Arbitration panels may be composed of professionals with expertise in relevant fields such as law, business, finance, or industry-specific matters. The arbitration panel’s role is to conduct hearings, review evidence, hear arguments from both sides, and render a final and binding decision known as an arbitration award. The arbitration process is confidential and less formal than traditional court proceedings, providing parties with a more efficient, cost-effective, and flexible means of resolving their disputes outside of the public court system. Arbitration panels are commonly used in commercial disputes, labour disputes, construction disputes, and international disputes, among others, to achieve a fair and impartial resolution without the need for litigation.

Full Definition Of Arbitration Panel

A committee made-up of individuals that act on behalf of a company during an arbitration hearing. The panel members are not employed by the company. Each party involved maintains a list of arbitrators that were selected based on their professional experience. Panel members are paid a voluntary fee from a Self-Regulatory Organizations such SEC or NASD. The sole purpose of the panel is to determine the outcome of an arbitration hearing.

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This glossary post was last updated: 25th April 2024.

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