These are non-governmental courts that sit exclusively by agreement of the parties to a dispute and issue judgements known as arbitration awards. They can resolve disputes more quickly than the regular court system and are usually cheaper. Agreements generally take the form of a contract between the parties known as an arbitration agreement. The judgement is generally made binding on the parties in the general terms of business. It can be subjected to judicial review. Arbitration courts must earn the trust of market stakeholders, which takes time.
- Locally recognised authorities
- Participation of all stakeholders involved, e. g. science / research, agricultural advisory services, civil society, public and private sector (incl. farmers and their interest groups)
- Regulatory framework
Possible Negative Effects
- Independence of arbitrators cannot always be guaranteed
This page was last edited on 24 October 2019 | 9:42 (CEST)