Arbitration Panel

Arbitration Panel

An Arbitration Panel is a group of neutral third-party individuals appointed to resolve disputes between parties outside of the court system through a process known as arbitration. This panel typically consists of one or more arbitrators who are selected based on their expertise in the relevant field or subject matter of the dispute.

The Arbitration Panel conducts hearings where both parties present evidence and arguments. After considering the information, the panel issues a decision, known as an award, which is usually binding. This means that the parties are legally obligated to adhere to the panel’s decision, and it can be enforced in a court if necessary.

For example, in a commercial dispute between two businesses, the parties may agree to submit their case to an Arbitration Panel comprised of industry experts. The panel reviews the contract terms, hears both sides, and delivers a ruling on the matter, allowing the businesses to avoid the lengthy and costly process of litigation.