A compromissum is a written agreement between two parties to settle a dispute through arbitration rather than litigation. The parties agree to submit their dispute to a neutral third party, known as an arbitrator, who will make a binding decision on the matter. The parties typically enter into this agreement voluntarily, and it is enforceable by law. The purpose of a compromissum is to provide an alternative and more efficient method of resolving disputes outside of the traditional court system.
“Compromissum” is a Latin term that historically refers to a form of dispute resolution or arbitration in ancient Roman law. It involved parties voluntarily agreeing to submit their dispute or disagreement to the decision of an arbitrator or arbiter, known as the “compromissarius.”
Some of the key features of a compromissum include:
- Voluntary Agreement: Parties involved in a dispute willingly agree to resolve their differences through arbitration rather than pursuing litigation or legal proceedings.
- Arbitration Process: The arbitrator, or compromissarius, is entrusted with the authority to hear both sides of the dispute, consider evidence or arguments presented, and render a final decision or judgment.
- Binding Decision: The decision reached by the arbitrator in a compromissum is typically binding on the parties, meaning they agree to abide by the arbitrator’s ruling as a final resolution of the dispute.
- Informal Procedure: A compromissum generally offers a less formal and more expedient alternative to litigation, allowing parties to resolve disputes outside of traditional court systems.
While compromissum originated in ancient Roman law, the concept of arbitration remains relevant in modern legal systems and dispute resolution practices. Today, arbitration is commonly used as an alternative method of resolving disputes outside of traditional court proceedings, offering parties flexibility, confidentiality, and specialised expertise in resolving complex legal issues.
A compromissum is a legal agreement between two parties to settle a dispute outside of court.
Yes, a compromissum is a legally binding agreement between the parties involved.
Any type of dispute can be settled through a compromise, including contract disputes, property disputes, and personal injury claims.
Any two parties involved in a dispute can enter into a compromise.
It is recommended to have a lawyer draft a compromise agreement to ensure that all legal requirements are met and the agreement is enforceable.
Yes, a compromise can be enforced in court if one party breaches the agreement.
If one party does not comply with the compromise, the other party can seek legal action to enforce the agreement.
Yes, a compromise can be terminated if both parties agree to end the agreement.
The length of a compromise can vary depending on the terms agreed upon by the parties involved.
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: 28th April 2024.
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