Free Business Fundamentals Tutorial – Arbitration Explained by Shane Irvine, J.D.

Unlike Mediation, Arbitration is binding and the parties agree in advance to be bound by the arbitrator’s ruling. Arbitration is a form of alternative dispute resolution (ADR). It is a cost-effective and expedient way to resolve disputes without involving courts. The informality of arbitrational proceedings also makes reaching mutual satisfaction possible without the need for attorneys. The dispute will be decided by arbitrators, arbiters, or arbitral tribunals, which renders the arbitration award. An arbitration award is legally binding on both sides and enforceable in the courts. Arbitration is often used for the resolution of commercial disputes, particularly in the context of international commercial transactions. In international matters, arbitration helps to avoid issues such as jurisdiction and choice of law. Arbitration is a skill that all entrepreneurs should be familiar with. Arbitration does not require formal proceedings and does not require the litigants to have a formal legal education. Quite often, the subject matter of some issues is so technical that it is better litigated by the professionals themselves than by attorneys. This course will help you develop the self-confidence necessary to represent yourself or your company’s best interest. By understanding how Arbitration works, one is also better prepared to prevent matters from having to go to Arbitration.Who this course is for:Target students are present and future entrepreneurs.Target students also include business professional involved in a small to medium business enterprise that does not have an internal legal department.