What is estoppel in arbitration?
Estoppel in arbitration is the legal concept that a party can be prevented from denying or challenging a statement or fact which they have previously accepted as correct. In Virginia, estoppel in arbitration is applicable in cases where a party has agreed, or led another party to believe, that an issue or claim should be decided by an arbitrator. The effect of estoppel in arbitration prevents that party from changing their mind and denying the claim or raising a new claim before the courts. Estoppel in arbitration helps to ensure that parties to a dispute remain consistent in their opinion as to which matters should be decided by the arbitrator. It is based on the party’s agreement that they will not pursue other courses of action, or that they will act in a certain manner. Estoppel in arbitration can be useful in situations in which the parties have verbally agreed that a dispute should be decided by an arbitrator, but have not yet put the agreement in writing. Finally, estoppel in arbitration also encourages parties to act honestly and in good faith when deciding which issues should be heard by an arbitrator. Estoppel stops a party from going back on their word and prevents them from making untruthful statements in order to gain an advantage in the case. In Virginia, estoppel in arbitration is an important concept which helps to ensure that parties remain honest and consistent when it comes to resolving their disputes.
Related FAQs
What is an interlocutory appeal?What is a writ of mandamus?
Is there an appeals process for a motion to compel, stay or vacate an arbitration award?
Are there limits to the award that can be made by an arbitrator?
Is discovery allowed in arbitration?
What are the remedies for breach of an arbitration agreement?
Are there any limits to attorney’s fees in arbitration?
What is a motion to vacate an arbitration award?
Can an arbitration award be annulled?
Are there any special considerations for labor arbitration?
Related Blog Posts
Unlocking the Basics of Arbitration Law: What You Need to Know - July 31, 2023Top Tips for Navigating Arbitration Law Successfully - August 7, 2023
Comparing International and Domestic Arbitration: What Businesses Should Know - August 14, 2023
Effective Strategies for Drafting Arbitration Agreements - August 21, 2023
Common Misconceptions About Arbitration Law: What Everyone Needs to Know - August 28, 2023