What are Arbitration Courts?
Arbitration courts are alternative dispute resolution (ADR) bodies that help parties resolve disputes outside of traditional court systems. They provide a faster, more cost-effective, and confidential way to settle disputes.
- Arbitration courts are often used in commercial disputes, such as those related to contracts, intellectual property, and employment.
- They can also be used in consumer disputes, such as those related to product warranties and services.
Types of Arbitration Courts
There are several types of arbitration courts, including:
- Ad hoc arbitration: This type of arbitration is conducted on a case-by-case basis, with the parties agreeing on the rules and procedures.
- Institutional arbitration: This type of arbitration is conducted through an established institution, such as the International Chamber of Commerce (ICC) or the American Arbitration Association (AAA).