What is consumer arbitration?
Consumer arbitration is a method of resolving disputes between consumers and businesses outside of the traditional court system. It is a form of alternative dispute resolution (ADR) that aims to provide more efficient and cost-effective way to settle conflicts. Both parties agree to submit their dispute to an impartial third party known as an arbitrator. The arbitrator reviews the evidence, listens to the arguments of both parties, and then makes a decision, known as the arbitral award. This decision is binding and enforceable, similar to a court judgment.
The specific rules and procedures for consumer arbitration can vary depending on the jurisdiction and the arbitration provider. It’s essential for consumers to carefully review contracts and understand the implications of any arbitration clauses before entering into agreements.
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