commercial arbitration的意思|示意

Commercial arbitration， conveniently known as \"arbitration\", is a form of alternative dispute resolution often used to settle business disputes. It is a mechanism in which two or more parties refer their dispute to one or more persons (the ‘arbitrators’, ‘arbiters’ or ‘arbitral tribunal’) in order to obtain a binding resolution in a confidential manner.

Unlike litigation, the process is private and confidential and the parties have ultimate control over the outcome. The parties to the dispute agree that the decision of the arbitrators will be final and binding upon them and enforceable in the courts.

The process is flexible and efficient as the parties largely determine both the method of arbitration, the rules, the procedure and the outcome. In addition, the parties do not need to rely on the courts for a resolution, but rather can select those individuals best suited to the determination of their dispute. It is also quicker and less costly than the courts, allowing for an even quicker resolution of the dispute.

A contract will often contain a clause setting out the way in which disputes between the parties will be resolved, by way of arbitration. It is generally easier to do this at the outset of the contract, as once the dispute arises, parties tend to be less willing to agree to arbitration.

Commercial arbitration is usually conducted by a panel of three arbitrators or a single arbitrator. The process begins with the appointment of the arbitrators, based upon the mutual agreement of the parties. Then, each party provides the arbitrator with written submissions and evidence. Following this, the parties may hold hearings before the arbitrators, where argument is presented and evidence is given.

The decision of the arbitrators is known as an ‘award’. The award is binding on both parties and, in most countries, it can be enforced through the courts.

In conclusion, commercial arbitration is a quick and cost-effective method of resolving disputes between commercial entities. It provides an efficient, confidential and binding method of dispute resolution. It avoids the delays and costs of litigation, as well as the pitfalls of relying upon the court system.