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- Legislation and standards
- Industry context
Last edited 24 Nov 2017
Arbitration is a private, contractual form of dispute resolution. It provides for the determination of disputes by a third party arbitrator or arbitration panel, selected by the parties to the dispute. Disputes are resolved based on material facts, documents and relevant principles of law.
An arbitration panel, also known as an arbitral tribunal, can be formed to oversee and determine the outcome of an arbitration hearing. The parties to the dispute are typically able to decide the number of arbitrators that will sit on the panel, or it may be specified in the contract clause that sets out the agreement to use arbitration as a means of resolving disputes.
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