Binding or Non-Binding (see arbitration page). To conserve both time and money a great number of business contract contain a dispute resolution clause as a ways of resolving disputes. “Arbitration” is a process in which the parties resolve a dispute by a hearing before a neutral party person or panel who decide the matter and whose decision is binding on the parties.
In an arbitration conference the neutral party(s), (arbitrator(s), as stipulated in the contract, will decide the dispute either by “binding” or “non- binding” resolution. The written resolution issued by the arbitrator(s) is a called an award. However, the drafter of the contract should keep some key points in mind, the forum of choice to resolve the dispute and judgment on the award rendered by the arbitrator(s) to be entered in any court having jurisdiction.
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