An Agreement to Resolve Controversy by an Impartial Panel Is Known as
When it comes to resolving disputes, there are various methods that people can use. One common approach is to use an impartial panel to make a decision on behalf of both parties. This can be particularly useful in situations where the two parties are unable to come to an agreement themselves.
An agreement to resolve a controversy by an impartial panel is known as arbitration. This process involves both parties agreeing to submit their dispute to a neutral third party, who will then review the evidence and make a decision based on the facts presented. The decision made by the arbitrator is legally binding, meaning that both parties must accept it and abide by it.
One of the primary benefits of arbitration is that it can be much faster and less expensive than going to court. This is because the process is streamlined and there are fewer formalities involved. Additionally, because the arbitrator is an expert in the field, they are often able to make a more informed decision than a judge who may not have the same level of expertise.
Another benefit of arbitration is that it is often more confidential than a court proceeding. This is because there are fewer public records of the process, and the arbitrator is bound by confidentiality agreements. This can be particularly useful for businesses or individuals who want to avoid negative publicity or who want to keep their dispute out of the public eye.
Arbitration can be used for a wide variety of disputes, including those related to business, employment, construction, and personal injury. It is important to note, however, that not all disputes can be resolved through arbitration. For example, some disputes may require a court proceeding, such as those involving criminal matters or disputes over constitutional rights.
In summary, an agreement to resolve a controversy by an impartial panel is known as arbitration. This process can be a useful tool for resolving disputes, particularly when both parties are unable to come to an agreement themselves. While there are some limitations to arbitration, it can be a faster, less expensive, and more confidential alternative to going to court.