választottbíróságot

Választottbíróság is the Hungarian term for arbitration. It is a form of alternative dispute resolution where parties agree to have their dispute resolved by one or more arbitrators, rather than going to court. The decision of the arbitrator, known as an award, is typically legally binding and enforceable, similar to a court judgment.

Arbitration can be chosen for various types of disputes, including commercial, labor, and international trade matters. Parties often agree to arbitration in their contracts before any dispute arises. This is known as an arbitration clause. If no such clause exists, parties can agree to arbitrate after a dispute has emerged.

The process usually involves the appointment of an arbitrator or a panel of arbitrators. Parties then present their arguments and evidence to the arbitrator(s). The proceedings are generally less formal than court litigation, but they still require adherence to established rules and procedures. The confidentiality of arbitration proceedings is a key advantage for many parties.

Választottbíróság offers advantages such as potentially faster resolution times, greater flexibility in procedural matters, and the possibility of choosing arbitrators with specialized expertise in the relevant field. However, it can also be more expensive than litigation in some cases, and the appeal process for arbitration awards is generally more limited than for court judgments. The legal framework governing arbitration in Hungary is primarily found in Act LXXI of 1994 on Arbitration.