Arbitration (noun)
related to contract
Arbitration is used to make sure a dispute is resolved in the most logical way possible.
The process of arbitration is carried out by an arbitrator. This is someone who is completely impartial and doesn’t have any interest in the case that they are settling. An arbitrator is called in when the parties involved in a contract cannot agree and in some cases have stopped talking to each other.
The arbitrator helps to go from party to party and speak on their behalf. This reduces the emotion involved in these exchanges and helps to produce a logical result.
If you are involved in a negotiation and somebody will not speak to you anymore, then maybe it’s time to call in an arbitrator.
Fred: Hey Sam, how is your court case going?
Sam: Well, I can’t say too much at the moment but it looks like we are going to need arbitration. Nobody can agree and it’s getting very frustrating.Fred: Well, arbitration could be a good thing, maybe an agreement will be made more quickly.
Sam: Yeah, I hope so. It’s just wasting so much time and money at the moment to keep dragging things out.
Fred: Don’t worry, it’ll all be over soon.
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