arbitration tribunals

Arbitration tribunals are private bodies that resolve disputes between parties outside of traditional courts. When individuals or companies agree to arbitration, they present their case to a panel of arbitrators, who are neutral experts in the relevant field. The tribunal reviews evidence and makes a binding decision, known as an award, which the parties must follow. This process is generally faster and less formal than court litigation, and it often allows for more confidentiality. Arbitration is commonly used in commercial disputes, international agreements, and labor relations to achieve fair resolutions efficiently.