How do arbitration awards differ from court judgments?

Arbitration awards and court judgments are both legal decisions that are intended to resolve a dispute between two or more parties. However, there are several key differences between the two. Firstly, arbitration awards tend to be reached through a private process. When parties agree to submit their dispute to an arbitrator, they often discuss the issues in closed proceedings, as opposed to in open courts. As a result, an arbitration award is a private, confidential decision not available to the public. Secondly, arbitration awards are not subject to the same rules of evidence and procedure as a court judgment. Because arbitration is a private process, the parties involved can determine their own process, including which evidence will be allowed and how it should be presented. This can make arbitration a more efficient and cost-effective way to resolve disputes. Thirdly, arbitration awards are not open to the same type of appeal as a court judgment. Generally, arbitration awards can only be appealed if there is evidence of fraud or a similar type of misconduct. On the other hand, court judgments can be appealed to other courts or reversed by higher courts. Finally, arbitration awards are often binding on the parties involved, whereas court judgments are sometimes less binding. In some cases, when the parties agree in advance, the arbitration award may be final and binding, whereas court judgments may be appealed or overturned. Overall, arbitration awards and court judgments both serve the purpose of resolving disputes. However, they differ in the way they are reached, the process used, the appeal process, and the binding effect they have on the parties involved.

How do arbitration awards differ from court judgments?

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