The finality of arbitral awards refers to the binding and conclusive nature of arbitration decisions, which typically cannot be appealed in court, ensuring swift resolution of disputes. This principle promotes efficiency and certainty in international and domestic arbitration by minimizing prolonged litigation and respecting the autonomy of the arbitral process.
The arbitration process is a private dispute resolution method where an impartial third party, known as an arbitrator, makes a binding decision to resolve a conflict outside of court. It is often chosen for its confidentiality, speed, and flexibility compared to traditional litigation.
An arbitration hearing is a private proceeding where a neutral third party, known as an arbitrator, is appointed to resolve a dispute between two or more parties. This process is often chosen for its confidentiality, speed, and finality compared to traditional court litigation.
An arbitral award is the decision rendered by an arbitration tribunal in a dispute between parties, which is binding and enforceable in national courts under the New York Convention. It serves as an alternative to court judgments, providing a private, efficient, and flexible means of resolving commercial and international disputes.
Finality of arbitration refers to the principle that arbitration awards are intended to be conclusive and binding, with limited opportunities for appeal or review by courts. This characteristic is designed to ensure efficiency and certainty in dispute resolution, distinguishing arbitration from traditional litigation processes.
Arbitration proceedings are a form of alternative dispute resolution where a neutral third party, known as an arbitrator, makes a binding decision to resolve a dispute outside of court. These proceedings are generally faster, more flexible, and less formal than traditional litigation, offering parties a private and confidential way to settle conflicts.