Glossarium
Part of becoming an expert in any field is learning the vocabulary used by practitioners. Experts in an area of study develop new language and word usage to communicate new ideas or subtle variations of old ones. As communities develop within a field and experts communicate with each other over time, new languages emerge.
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P
Private arbitrationPrivate (v. court-annexed) arbitration may be “administered” or managed by private organizations, or non-administered” and managed by the parties. The decisions of arbitrators in private arbitration may be non-binding or binding. Binding arbitration decisions typically are enforceable by courts and not subject to appellate review, except in the cases of fraud or other defect in the process. Often binding arbitration arises from contract clauses providing for final and binding arbitration as the method for resolving disputes. Examples: South Africa Case Study- IMSSA; Thailand-commercial arbitration (Worawattanamateekul 1996); Bolivia case study-Chambers of Commerce centers. | ||