How do arbitration awards differ from court judgments?

An arbitration award is a decision made by an impartial third party that is used to resolve a dispute without going to court. An arbitrator is usually either a lawyer, an expert in the field, or a retired judge. A court judgment is a decision made by a judge at the end of a court proceeding. Arbitration awards and court judgments both serve the same purpose, which is to resolve a dispute between two parties. However, there are several key differences. One of the main differences between arbitration awards and court judgments is that the process of arbitration is less formal. Whereas court proceedings can require witnesses, a jury, and other trials, arbitration awards are usually made without these proceedings. The arbitrator simply hears arguments from both sides and makes a decision. Another important difference is that arbitration awards are legally binding and are typically not subject to appeal. Court judgments, on the other hand, can often be appealed if either side is unsatisfied with the outcome. Finally, arbitration awards are often much faster than court judgments. Court proceedings can drag on for months or even years, while arbitration awards can be made in a matter of days. This is a benefit as it provides a quick resolution to disputes. In summary, arbitration awards and court judgments are both used to resolve disputes, but there are several key differences. Arbitration is generally less formal, the decisions are legally binding, and the process is much faster.

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How do arbitration awards differ from court judgments?

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