What is arbitration?

Arbitration is a process subject to statutory control, whereby formal

disputes are determined by a private tribunal of the partieschoosing .
It arises where a third party neutral is appointed by the parties or an
appointing authority to determine the dispute and give a final binding
award .
RULE
SECTION 3
Defines any arbitration to mean any arbitration whether or not
administered by a permanent arbitral body or institution .
What are the characteristics of arbitration ?
1. Practical mechanism
2. Private process that enjoys a lot of confidentiality
3. The parties have autonomy over the arbitrator and thus the
process and outcome may thus be mutually acceptable
4. Parties select and arbitrator privately and thus the proceedings
are held privately .
5. Panel or individual will be chosen directly by the parties they will
thus choose a person of integrity, expertise.
6. Parties are able to make themselves available at short notice
making it a flexible process
7. Overall cost are significantly low, however it can be an expensive
process
8. Minimum emphasis on formality, which intern encourages
expeditious disposal of matters.
9. Limits appeals against awards
10.
Arbitrators award is final and binding SECTION 35
11.