Legal Question in Business Law in Oklahoma

What is arbitration

Arbitration is a means of resolving disputeswithout going to court. It is essentially a private court where the parties or an entityagreed on between them pick an arbitrator (ora panel of arbitrators) who act as the judge.The result is even more binding on the partiesthan a court judgment, as it is not subject toappeal, and can be enforced like a court judgment. It can only be set aside for graveprocedural unfairness, fraud, or bias. There is usually little or no discovery, in contrastto court litigation. It is often cheaper thancourt litigation, but still can be expensive,as the parties have to pay the arbitrator aswell as their own lawyers.

Arbitration Information

You can get information on arbitration at The Arbitration Information Center athttp://www.seclaw.com/centers/arbcent.shtml

The site is part of the Securities Law Home Page, and is geared towards securities arbitrations,but there is a lot of general information about the process there also.

Mark