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(Read here about the sitenotice) Arbitration (of the pronunciation waldgift - wald 'power' and married 'surrender') is the term for a concluded agreement, that the parties to any dispute waives, to refer the the disputes for the courts, but instead agrees to let an expert arbitrator (under the name of arbitral tribunal) to decide the dispute, final and binding for the involved partiesAn agreement on arbitration may also be made voluntarily between the parties involved after the dispute has arisen. A case may be preferred settled by arbitration, rather than in the courts of a number of reasons. Arbitration is often achieved a faster decision, in particular because an arbitration award as a starting point can not be appealed. Arbitration awards may only be appealed if the parties have agreed so in the arbitration agreement. Arbitration may in some cases be cheaper than a lawsuit, because there should not be paid a fee. However, must usually be paid higher fees for the arbitrators than by the public courts.
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The arbitration shall be treated outside the public court, and the public rarely have access to follow the proceedings. On the way, the fx companies to avoid risking bad publicity the media as a result of a case. a. not rare in boligsager in connection with disputes between the seller and the buyer. Between a number of countries have concluded bilateral treaties to the parties undertake to refer to arbitration all disputes, no matter of what nature, which may arise between them, and which cannot be settled by diplomatic means. It is for this purpose created a permanent court of arbitration in the Hague, but the parties can also agree on a different arbitration panel.