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Arbitration importance

Arbitration means a process where parties come into an arbitration agreement in which the party with mutual consent appoints a person(s) as an arbitrator who can resolve disputes and make harmony between the parties of the agreement.

The arbitration agreement must have the following details:

Number of arbitrators: The number should be odd so that the decision can be made through a majority.
Language of arbitration: The language should be decided or specified in the agreement.
Place of arbitration: The place where the arbitration will take place which should be convenient for both the parties and the arbitrator must be decided before handed.
Arbitrators: The parties must opt for arbitrators while deciding the agreement terms and conditions.

Thus, an arbitration process is cheaper and more effective, and less time-consuming from the traditional legal proceedings i.e. court of law is an important thing that must and always should be there in an agreement.