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 …
Arbitration: What you should know
If two parties have a dispute and conciliation fails, you may request to resolve the dispute by arbitration. At an arbitration hearing, a commissioner gives both parties an opportunity to fully state their cases. The commissioner then decides on the issue in dispute. The decision, called the arbitration award, is legally binding on both parties. Attempts must generally be made to resolve …