Business, Legal & Accounting Glossary
A person to whom the authority to settle or judge a dispute is delegated.
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.
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 filed 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.
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This glossary post was last updated: 26th April, 2020 | 2 Views.