The submission of a dispute to an unbiased third party person, designated by the parties to the controversy who agree in advance to comply with the award-a decision to be issued after a hearing at which both sides have an opportunity to be heard.
What this simply means is that since the introduction of The Arbitration Act 2010, two parties to a dispute can agree to be bound by a decision on that dispute by an independent third party; The Arbitrator.
An Arbitrators role is similar to that of a judge and since the introduction of The Arbitration Act 2010, on the eighth of march 2010 by Oireachtas Eireann,a formally engaged Arbitrator now has powers equal to the High Court.
Arbitration is quicker, less formal and more cost effective than having to go to court and many disputes are now being resolved in this manner.
The Arbitrator hears the evidence from both sides to reach a final and legally binding decision called an ‘Award’.
Sometimes a formal lease agreement provides for the use of an Arbitrator, but even if the dispute in question does not, a suitably qualified Arbitrator may be appointed by both parties in dispute agreeing the appointment in writing.