This is very similar in many respects to litigation. The parties to a dispute having requested the use of the bfa Arbitration Scheme will have an arbitrator (an individual like a judge) appointed by the bfa to decide the issues between them. The arbitrator will conduct the arbitration in accordance with the Arbitration Scheme’s Rules and the Arbitration Act provisions.
An arbitration is quite formal in terms of the procedure followed and the manner in which it is conducted and therefore is very much like litigation. The arbitrator will make an award (a decision or judgement) that is final and binding on the parties (there are or may be limited rights of appeal) and this award is enforceable. The arbitrator will charge fees for undertaking the arbitration and costs can be awarded against the parties as determined by the arbitrator. Arbitration is expensive. It is a lot more expensive than mediation and quite often is more expensive than straight litigation.
To engage with the bfa’s arbitration service please contact us on 01235 820470 or email email@example.com