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Lexiel/Glossary/Arbitration
Legal definition
General

Arbitration

Alternative dispute resolution method in which parties submit their dispute to private arbitrators, whose decision (award) has the force of res judicata and is enforceable like a court judgment. The arbitration agreement excludes ordinary jurisdiction. In Spain governed by Law 60/2003, inspired by the UNCITRAL Model Law.

Ley 60/2003 de Arbitraje
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Arbitration: Legal definition | Lexiel Glossary