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ARBITRATION
DEFINITION:
Arbitration is a procedure in which a dispute is submitted,
by agreement of the parties, to one or more arbitrators who
make a binding decision on the dispute. In
choosing arbitration, the parties opt for a private dispute
resolution procedure instead of going to court.
OR
In case of dispute, the stake holders decides an Arbitrator
to resolve the case. Arbitrator may be an high standard
Architect, civil engineer or a technical person.
EXPLAINATION:
It is a form of alternative dispute resolution (ADR), is a
technique for the resolution of disputes outside the courts. The
parties to a dispute refer it to arbitration by one or more
persons (the "arbitrators", "arbiters" or "arbitral tribunal"), and
agree to be bound by the arbitration decision (the "award"). A
third party reviews the evidence in the case and imposes a
decision that is legally binding on both sides and enforceable in
the courts.
TYPES OF ARBITRATION:
There are four types of Arbitration, such as:
Binding Arbitration
Non-Binding Arbitration
Court Appointed Arbitration
Independent Arbitration
ARBITRATION ACT,1940
The Arbitration Act of Pakistan was prepared on 11th
of March, 1940 and then enforced in the whole country by
1st July, 1940.
In this acts certain points are discussed, such as:
o Arbitration
o Different cases of Arbitration
o Appointments of Arbitrator in different cases
o Powers awarded by the court to the Arbitrator
o Arbitration out of Court and different cases
o Arbitration within the court with no suit pending
o Arbitration in suits
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Jurisdictions
Limitations
Appeals
Procedures
Law document is attached.