Question

Binding arbitration:

A. should be used to settle disputes only if the principle of caveat emptor does not apply.
B. requires that a terminated project be completed before damages are awarded.
C. requires empanelment of equal numbers from both the client and project organizations to reach a verdict.
D. can settle outstanding claims or disputes provided that all parties agree to its use.

Answer 1

Answer:D. can settle outstanding claims or disputes provided that all parties agree to its use.

Explanation: Binding arbitration is a type of arbitration/ dispute resolution where both parties involved in the dispute/ conflict choose a mediator mainly a legal practitioner and accepted to stand by the decision of the Binding arbitrator.

This type of arbitration is in contrast to non Binding arbitration where both parties are may not accept the decision of the arbitrator. Binding

Arbitration is adopted mainly in private disputes where both parties involved in the dispute agree to accept the verdicts of the trusted arbitrator.