What is the definition of "arbitrator"?
An arbitrator is a third party individual or panel who make themselves available as professionals to be chosen to make a decision in a dispute according to the terms of an arbitration agreement between the parties. Arbitrators are generally chosen on the basis of:
- Neutrality: the ability to judge fairly based on the merits
- A specific skill and knowledge set: may be industry or situation specific
- Qualification and experience in the field of arbitration
- Understanding of any applicable laws, rules, standards and practices: retired judges are often arbitrators.
- The history of their decisions: tendencies to decide in favor of one argument or another.
Arbitrator selection is an important part of the arbitration process.
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