Contratos y EjecuciónPregunta 831 de 1605
Binding arbitration as a method of dispute resolution generally means:
a.A jury trial in superior court
b.A non-binding suggestion the parties can ignore
c.A negotiation with no third party involved
d.A private process in which a neutral arbitrator hears the dispute and issues a decision the parties have agreed to be bound by
Explicación
In binding arbitration, the parties submit their dispute to a neutral arbitrator (or panel) who hears evidence and renders a decision, the award, that the parties have agreed in advance to accept as final and enforceable, with only very limited grounds for court review. It is a private alternative to litigation, not a jury trial, not a mere non-binding suggestion, and not simple two-party negotiation, which lacks a neutral decision-maker.
Practica las 1605 preguntas gratis — sin registro.
Preguntas relacionadas de este tema
- When a contract states that 'time is of the essence,' it means:
- In the absence of a 'time is of the essence' clause or a specified completion date, a contractor is generally obligated to complete the work:
- A 'force majeure' clause in a construction contract typically addresses:
- How does mediation differ from binding arbitration?
- A construction contract contains a valid clause requiring the parties to arbitrate all disputes. If one party nonetheless files a lawsuit in court, the other party can typically:
- One commonly cited advantage of arbitration over traditional litigation is that it:
Última revisión: · proceso editorial
Sen Lin, Fundador de PrepPass · Verificado con California CSLB Contractor License Law & Business Exam · Cómo revisamos
Revisado por Abraham Chen — Licensed California General Contractor (CSLB License #1101856 — verificar)