What is mean by an 'arbitrator' ? ( for 5 marks.)
Ritesh Indian Son[CMA*CS*CA] (" Simple Living High Thinking ") (4117 Points)27 March 2011
(Vice President )
Replied 27 March 2011
A private, neutral person chosen to arbitrate a disagreement, as opposed to a court of law. An arbitrator could be used to settle any non-criminal dispute, and many business contracts make provisions for an arbitrator in the event of a disagreement. Generally, resolving a disagreement through an arbitrator is substantially less expensive than resolving it through a court of law.