This is a more restrictive form of dispute settlement because the arbitrator is ruling even if the parties cannot find an agreement and its decision is of a binding nature. The arbitrator is usually appointed by the parties. Its award is final. However, in order to be enforceable, the arbitration award needs to receive approval from a national judge.
- Arbitration is a kind of private justice to which the parties have accepted to submit their dispute to ;
- It is similar to legal proceedings. The main difference lies in the fact that the arbitrator, unlike a judge, is chosen by the parties ;
- The arbitrator decides in law and in equity like a judge and its sentence (the arbitration award) is binding upon the parties ;
- The debate which takes place before the arbitrator follows the same argumentative steps than one before the courts.
(Source : Louise-Marie Henrion, President of the Commercial Court of Namur).