An arbitration is the reference of a dispute or difference between not less than two parties for determination after hearing both sides in a judicial manner, by a person or persons other than a court of competent jurisdiction.
A person or persons to whom a reference to arbitration is made is called an arbitrator or arbitrators as the case may be .
The decision of an arbitrator or arbitrators is called an award . If a provision is made that in the event of disagreement between the arbitrators the dispute is to be referred to a decision of another , or a third party , such a person is called an umpire.
The decision of the umpire is also called an award .
It is not every dispute or difference that can be referred to arbitration. It has long been firmly established that , generally, disputes affecting civil rights in which only damages can be claimed and which can be compromised by way of accord and satisfaction may be referred for arbitration .
These includes all matters in dispute concerning any real or personal property, disputes as to whether a contract has been breached by either party or whether circumstances have arise which have discharged one or both parties from further performance thereof.
With leave of court actions pending before it may be referred to arbitration. A specific questions of law , such as the construction of a document , may be referred and when this is done the award cannot be set aside merely because the decision is wrong. –