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Simple English definitions for legal terms
arbitration board
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A quick definition of arbitration board:
An arbitration board is a group of people who are chosen to listen to a disagreement and make a decision based on the rules of arbitration. This is a way to solve a problem without going to court.
An arbitration bond is a type of performance bond that is given by the parties involved in an arbitration. This bond ensures that the parties will follow through with their agreement.
A performance bond is a type of agreement that ensures that a contract will be completed on time. This can be given by a surety or a third party. There are different types of performance bonds, including nonoperative, operative, revolving, and up-front.
A more thorough explanation:
An arbitration board is a group of arbitrators who are appointed to hear and make a decision on a dispute based on the rules of arbitration.
For example, if two parties have a disagreement and they agree to use arbitration to resolve it, they may appoint an arbitration board to hear their case and make a decision. The decision made by the arbitration board is usually binding and cannot be appealed.
An arbitration bond is a type of performance bond that is executed by the parties involved in an arbitration.
For example, if two parties agree to use arbitration to resolve a dispute, they may be required to provide an arbitration bond to ensure that they will comply with the decision made by the arbitration board. If one party fails to comply with the decision, the other party can use the arbitration bond to recover damages.