Based on my knowledge and understanding of the statute of self-compositive mechanisms of conflict resolution, I understand the need to provide effective and efficient alternatives that manage to resolve in a cordial manner those disputes between the parties in question. Thus seeking to remedy conflicts without the concurrence to litigation.
I therefore present before you some key aspects to consider in Arbitration:
Arbitration: Although arbitration is not strictly self-compositive, it is an alternative dispute resolution mechanism in which the parties submit their dispute to a neutral third party, the arbitrator, who will seek to issue a binding decision to those involved.
For this reason, consider that:
-The parties may select the arbitrator of their choice and in turn determine the rules of procedure to which they will be subject.
-The decision rendered by the arbitrator is final and binding, unless otherwise agreed by the parties.
-It should be considered a more formal process than negotiation, conciliation or mediation and also denote the executive merit of the process.