How do arbitration awards differ from court judgments?

Arbitration awards and court judgments both seek to resolve disputes between two parties, however, there are some important differences between them. An arbitration award is a binding decision made by an impartial third-party arbitrator, chosen by the two parties in dispute. This decision is legally binding and the parties must abide by it. The ruling of an arbitration award is similar to a court judgment in that it has the same power as a court order, however, it is not as formal as a court ruling. The arbitration process also usually moves more quickly, with the case resolved in a matter of weeks, instead of the months or even years that can be taken for a court judgment. The proceedings of an arbitration award are confidential, while a court judgment is a matter of public record. Also, while in general court judgements are open to appeal, arbitration awards are not. Finally, arbitration awards are typically cheaper and less complex than court judgments. This is because the arbitrator does not have to follow strict rules and procedures as a court does, making the arbitration process less expensive. In summary, arbitration awards function similarly to court judgments but offer some advantages, such as a speedier resolution, lower costs, and confidential proceedings. However, arbitration awards cannot be appealed and are usually less formal than a court ruling.

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How do arbitration awards differ from court judgments?

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