vahekohtute

Vahekohtute, often translated as arbitration, is a method of dispute resolution that involves a neutral third party, or panel of parties, who are chosen by the disputing parties themselves. These arbitrators hear evidence and arguments from both sides and then make a binding decision, known as an award. Unlike court proceedings, arbitration is typically private and can be faster and less expensive. The rules of procedure and evidence are often more flexible in arbitration than in formal litigation. Parties usually agree to arbitration through a clause in a contract, which may specify the number of arbitrators, the location of the arbitration, and the rules that will govern the process. The enforceability of arbitration awards is generally recognized by law in many jurisdictions, making it a practical alternative for resolving commercial and other disputes. The arbitration process aims to provide a definitive resolution without the need for prolonged court battles, offering a degree of control over the process and the decision-makers to the parties involved.