Arbitration as a method of dispute resolution – Part I

Arbitration is one of a few dispute resolution mechanisms which include conciliation (negotiation), mediation, and litigation. It is regulated by the Arbitration Act 47 of 1965 (“the Act”) as amended. The Act does not provide for a definition of arbitration. Butler and Finsen in their book, Arbitration in South Africa Law and Practice, provide the following definition of arbitration, stating …

Prescription: Have my debts prescribed?

What is prescription? As a general rule, prescription occurs when a debtor’s liability to pay a specific debt is extinguished as a result of the passing of a prescribed time period. As soon as a debt prescribes, a debtor is no longer under any obligation to pay it. It is still legal for the creditor to demand payment or even sue for a prescribed debt. The debtor will then, …