Have you heard of arbitrators? If you are a businessperson, then you are probably familiar with the term – international arbitration, as disputes are common in any industry. Arbitration is a contractual method of resolving the conflict of interest between two parties. Arbitrators are the professional, who solve disputes between two parties through arbitration.
So, what does an arbitrator do?
- It is an arbitrator’s responsibility to arrange impartial hearing between two companies to get the detailed information about dispute. During hearings, they should regulate the conduct of both parties, their representatives etc.
- Their duty is to consider the information, reports and evidence provided by both parties. They may also demand additional information if they deem it necessary for an impartial verdict.
- They may continue the arbitration hearing to a subsequent date if they believe more information or evidence are needed in the arbitration process.
- It is their duty to settle the conflict of interest according to law and regulations.
- It is an arbitrator’s duty to stand indifferent between two parties and provide an impartial verdict. They should act fairly to both parties and may not favor one over the other.
- An arbitrator is responsible for solving the issue within the pre-determined time and budget (if any).
- It is also their responsibility to not to exceed their authority.
- An arbitrator is responsible for providing a quick and unbiased verdict effectively solving a dispute.
If you too are choosing arbitrators or international arbitration firms for dispute resolution, then keep their duties in mind. It will help you go through the procedure easily and quickly.