Business, Legal & Accounting Glossary
A person to whom the authority to settle or judge a dispute is delegated. A private, neutral person chosen to arbitrate a disagreement, as opposed to a court of law. An arbitrator could be used to settle any non-criminal dispute, and many business contracts make provisions for an arbitrator in the event of a disagreement. Generally, resolving a disagreement through an arbitrator is substantially less expensive than resolving it through a court of law.
n. one who conducts an arbitration, and serves as a judge who conducts a “mini-trial,” somewhat less formally than a court trial. In most cases, the arbitrator is an attorney, either alone or as part of a panel. Most court jurisdictions now have lists of attorneys who serve as arbitrators. Other arbitrators come from arbitration services which provide lists from which the parties can agree on an arbitrator (many of whom are retired judges-even “People’s Court” Judge Wapner is on such a panel in Los Angeles County). There is also the American Arbitration Association which usually has a panel of attorneys chosen by the association. Professional arbitration services are paid well to move cases along. There are also arbitrators who are experts on everything from construction to maritime damage. In some contracts, there is a provision for such an expert-type arbitrator named by each side with a third chosen by the other two.
A private, neutral person chosen to arbitrate a disagreement, as opposed to a court of law. An arbitrator could be used to settle any non-criminal dispute, and many business contracts make provisions for an arbitrator in the event of a disagreement. Generally, resolving a disagreement through an arbitrator is substantially less expensive than resolving it through a court of law.
The arbitrator is the person who conducts the arbitration. Arbitration has become one of the most common means of resolving disputes without holding a trial. Arbitrators are generally a neutral third party (often a judge or attorney) and make a decision which is generally binding to the participants. When the arbitrator makes their decision they will decide an award or compensation payment to for each of the parties in the case. Arbitrators can generally decide a case in a day to a day and a half. If there are multiple parties in the case it can take longer for the arbitrator to make their decision
Arbitrators need to have at least a bachelor’s degree, although many states and employers require arbitrators to have a law degree and some experience as a practising lawyer. Many arbitrators have a master’s degree in law or another related field and many have completed an internship. Certification can also be helpful. Arbitrators can also expect to continue ongoing education and training courses to keep their skills current.
You may want to bring on an arbitrator if you are having a dispute that can not get resolved on its own.
I was the arbitrator in the argument and that was good because I was always good at getting both sides to agree.
The arbitrator replaced the mediator we had planned on using as we had to choose an unknown individual to ensure there was no bias.
arbitration
Certified Divorce Financial Analyst (CDFA)
arbitration panel
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This glossary post was last updated: 19th November, 2021 | 0 Views.