Arbitration is a process by which parties to a
dispute decide that a third party will settle the
matter. An alternative and equivalent dispute
resolution system (ADR) to the state jurisdiction,
and the arbitrator/s, resolve the dispute with the
arbitral award. Arbitration is a consensual
process; parties will only ever arbitrate where they
agree to do so.
Two or more parties use an arbitrator or arbiter in
order to resolve a dispute and they can choose
someone who is knowledgeable about the subject
matter of the dispute. In Spain, the Law 60/2003
of arbitration regulates the arbitral procedure,
being supplementary to the rest of arbitrations, as
1. M. Action or faculty to arbitrate. 2. M. Arbitral
Judgment 3. M. Extrajudicial procedure to solve
conflicts of interests by means of submission of the
parts, for mutual agreement, to the decision of one
o more arbitrators. (Royal Spanish Academy)
Arbitration is a consensual process; parties will
only ever arbitrate where they agree to do so.
Arbitration has a greater degree of flexibility. In
Spain, the arbitral process is faster (max. 6
months) and cheaper than litigation in court.
Arbitral proceedings and an arbitral award are
private an confidencial. Arbitral award is analogous
to a judgment in a court of law and it can be
enforce abroad than court judgments.
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