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- | ====== Arbitrator: Your Ultimate Guide to Private Justice ====== | + | |
- | **LEGAL DISCLAIMER: | + | |
- | ===== What is an Arbitrator? A 30-Second Summary ===== | + | |
- | Imagine you have a serious disagreement with a business partner over your company' | + | |
- | An **arbitrator** is a neutral, independent third party chosen by people in a dispute to act as a private judge. Instead of navigating the formal court system, the parties agree to present their cases to the **arbitrator**, | + | |
- | * **Key Takeaways At-a-Glance: | + | |
- | * **An arbitrator is a private judge:** Hired by the parties in a dispute, an **arbitrator** hears evidence and arguments to render a final, legally enforceable decision outside of the traditional court system. | + | |
- | * **The decision is usually final:** An **arbitrator' | + | |
- | * | + | |
- | ===== Part 1: The Legal Foundations of an Arbitrator' | + | |
- | ==== The Story of the Arbitrator: A Historical Journey ==== | + | |
- | The idea of using a trusted neutral party to resolve disputes is as old as commerce itself. Ancient Greek and Roman merchants often relied on respected elders to settle trade disagreements quickly, avoiding the complex and often corrupt local courts. In the Middle Ages, European merchant guilds developed their own systems of arbitration to enforce rules and resolve conflicts among members, creating a private "law of merchants." | + | |
- | In the United States, however, courts were initially hostile to arbitration. Early American judges, inheriting English common law traditions, viewed arbitration agreements as an attempt to "oust the jurisdiction of the court" and often refused to enforce them. This made arbitration a risky choice; a party could agree to it, lose, and then simply ignore the decision and sue in court anyway. | + | |
- | The major turning point came in 1925 with the passage of the [[federal_arbitration_act]] (FAA). Spurred by the New York business community' | + |