22:36
CTB is it i think
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LSDefine
Simple English definitions for legal terms
voluntary arbitration
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A quick definition of voluntary arbitration:
Voluntary arbitration is when two parties agree to have a neutral third party help them resolve a dispute. It's like having a referee in a game to make sure everyone plays fair. This is different from going to court, where a judge makes the final decision. Voluntary arbitration is a choice that both parties make to try to work things out without going to court.
A more thorough explanation:
Voluntary arbitration is a process where two parties agree to have a neutral third party make a decision about a dispute. This decision is binding and cannot be appealed. It is called "voluntary" because both parties agree to participate in the process.
For example, if two companies have a disagreement about a contract, they may choose to go through voluntary arbitration instead of going to court. They would agree on an arbitrator who would listen to both sides and make a decision that both parties would have to follow.
Another example of voluntary arbitration is in labor disputes. If a union and an employer cannot come to an agreement, they may choose to go through voluntary arbitration to resolve the issue.
Voluntary arbitration is often faster and less expensive than going to court, but it is important to choose a qualified arbitrator and carefully consider the terms of the arbitration agreement.