Public trials in appropriate court is the best way to resolve criminal and Revenue Disputes, another
best way to resolve business dispute through ADR is Arbitration.
What is Arbitration?
Arbitration is a procedure in which a business dispute is resolved through Arbritratator, two or more disputing parties agree to the Arbitration Board and cases are filed and resolved. It is one of the best way ADR (Alternate Dispute Resolution) to resolve disputes. The parties select an Arbitrator, a neutral third party, to hear their contentions and render a verdict. Arbitration can happen in and out of the court. The hearing is held in which both parties offer testimony and supporting documentation.
When parties to a business dispute select arbitration as a mode to resolve dispute, a Party to the dispute (or sometimes a panel of three or more) is called an "Arbitrator" to investigate the facts,
analyse the dispute, and render a decision on the matter. Usually, this is done in a process very similar to a trial, though with looser procedural requirements and shorter time frames. The parties agree that the arbitrator's decision is final and binding and that the courts will enforce the decision
if either party violates it.
An arbitrator presides over a hearing (the arbitration) in which witnesses testify and documents are considered, much like court litigation. Discovery and pre-hearing procedures are typically limited and abbreviated to accelerate the process and keep costs down, but the parties' agreement can extend this.
Similarly, the parties can institute other cost-saving measures such as eliminating transcripts and briefs if they agree to these measures. Appeals from arbitration decisions are only available on very limited grounds and are rarely successful. Although arbitration is more formal and expensive than mediation, it is still less expensive and more expeditious than litigation.
Law Blocks help to take this Arbitration process online through our global legal expert community. The final legal contract will record on XDC Network’s blockchain, and users will settle the platform and lawyer fees in LBT token (XRC20 Token). LBT can be accepted globally, allowing one to go with world- class experts without any hustle of payment. The community can now buy LBT on Bitrue and on many more Leading exchanges shortly.