Welcome, visitor! [ Login

Post an Ad

What is arbitration?

Debt-Credit Consolidation March 30, 2024

 

Arbitration is the referral of a dispute to one or more impartial persons for final and binding determination. It is designed to be private, informal, quick, practical, and economical. Parties can exercise additional control over the arbitration process by adding specific provisions to their contract’s arbitration clause or, when a dispute arises, by modifying certain of the arbitration rules to suit a particular dispute. Stipulations may be made regarding confidentiality of proprietary information, evidence, locale, the number of arbitrators, and issues subject to arbitration, as examples.

 

The parties may also provide for expedited arbitration procedures, including expedited rendering of the award, if they anticipate a need for hearings to be scheduled on short notice.

 

An important feature of arbitration is its informality. Under the standard rules, the procedure is relatively simple: legal rules of evidence are not applicable; there is no motion practice or court conference; there is no requirement for transcripts of the proceedings or for written opinions of the arbitrators. Although there is no formal discovery process, the rules allow the arbitrator to require production of relevant documents, the deposition of factual witnesses, and an exchange of reports of expert witnesses. The standard  rules are flexible and may be varied by mutual agreement of the parties.

 

The fact that the arbitrators are trained and have professional expertise is also important. Arbitrators are selected for specific cases because of their knowledge of the subject matter. Based on that experience, arbitrators can render an award grounded on thoughtful and thorough analysis.

 

Most parties provide for arbitration of disputes because they are seeking a final and binding resolution of their business conflicts. Court intervention and review are limited by applicable state or federal arbitration laws; award enforcement is facilitated by those same laws.

 

Another important advantage of arbitration is that it is designed to be private, having no public record of the dispute or of the facts presented in resolving the dispute.

 

 

No Tags

1387 total views, 2 today

  

  • WHAT TYPE OF DEBT COLLECTION PRACTICES ARE PROHIBITED?

    by on June 6, 2024 - 0 Comments

    WHAT TYPE OF DEBT COLLECTION PRACTICES ARE PROHIBITED?   Harassment Debt collectors may not harass, oppress, or abuse any person.  They may not:   *  use threats of violence or harm to the person, his/her property, or reputation;   * publish a list of consumers who refuse to pay their debts (except to  a credit […]

  • FAIR DEBT COLLECTION PRACTICES ACT

    by on June 2, 2024 - 0 Comments

    FAIR DEBT COLLECTION PRACTICES ACT   The federal law, the Fair Debt Collection Practices Act (“FDCPA”), protects consumers from abusive or harassing, false or misleading, and/or unfair practices of third party debt collectors or attorneys attempting to collect debts incurred for personal, family, or household purposes. Business or agricultural debts are not covered by the […]

  • Debt Collectors -Recovery Services - FL & AL

    by on June 26, 2024 - 0 Comments

    Entity Address Telephone CenterOne Debt Management Services LLC 6150 Omni Park Drive, Mobile, AL, 36609 (251) 639-7500 Medical Data Systems, Inc.  Medical Revenue Service 645 Walnut Street, Suite 5, Gadsden, AL, 35901 (256) 546-7099 Firstsource Financial Solutions, LLC 7715 NW 48th Street, Miami, FL, 33166 (305) 513-5500 Bayview Loan Servicing, LLC 4425 Ponce De Leon […]

  • Personal Financial Management Course (Debtor Education) Providers :Alabama Southern

    by on July 2, 2024 - 0 Comments

    List of  Personal Financial Management Course (Debtor Education) Providers #02 Certificate Class 713 Preston Place Grapevine, Texas 76051 Toll Free:  (888) 533-3423 Phone:     (817) 533-3423 Fax:          (817) 533-3423 Web: www.jjandpartners.com Allen Credit and Debt Counseling Agency 195 Brook Street E Wessington, SD 57381 Toll free:   (888) 415-8173 Phone:     (605) 458-2500 Fax:         (605) 458-2506 Web: www.acdcas.com Alliance Credit Counseling, Inc. […]

  • Debt Collectors -Recovery Services

    by on June 13, 2024 - 0 Comments

    Entity Address Telephone A.C.B. American, Inc. 4351 Winston Avenue, Covington, KY, 41015 (859) 261-8745 Advanced Collection Services LTD Mastercheck 55 Whiting Street 2A, Plainville, CT, 06062 860-793-2255 Advanced Collection Services LTD Mastercheck 55 Whiting Street 2A, Plainville, CT, 06062 860-793-2255 Affiliated Group, Inc., The  Affiliated Credit Services 3055 41st Street NW, Suite 100, Rochester, MN, […]