Arbitration Act
The Arbitration Act is a legal framework that governs the process of arbitration, which is a way to resolve disputes outside of court. Instead of going through the traditional legal system, parties agree to have an impartial third party, called an arbitrator, make a binding decision. The Act sets guidelines for how arbitration should be conducted, including the selection of arbitrators, the rules they must follow, and the enforceability of their decisions. It aims to provide a quicker, more flexible, and often less costly alternative to litigation while ensuring fairness and legal integrity in the process.
Additional Insights
-
The Arbitration Act (1996) is a key piece of UK legislation that governs arbitration, a method of resolving disputes outside the courts. It provides a legal framework for how arbitration should be conducted, ensuring that the process is fair, efficient, and effective. The Act outlines the powers of arbitrators, the rights of parties, and the procedures for arbitration agreements. It aims to promote arbitration as a quicker and more flexible alternative to traditional litigation, helping parties resolve conflicts in a manner that is private and often less costly.