Explain the meaning of the term arbitration.

Meaning of the term arbitration

This is a method of settlement of civil disputes out of court by arbitrators or arbitral tribunals that make arbitral awards.  A dispute may be referred to arbitration by the disputing parties, statute or a court of law.  Arbitrators may be appointed by the parties, a 3^rd party of a court of law on application.  Arbitrators enjoy certain powers;

• An arbitral award may be set aside by a court of law in application.
• The law on arbitration is contained in the Arbitration Act, 1995.