Arbitration
Arbitration is a method of dispute resolution in which a neutral third party, called an arbitrator, is appointed to make a binding decision on a dispute between two or more parties. In the maritime context, arbitration is often used to resolve disputes arising from shipping contracts, such as charter parties, bills of lading, and marine insurance policies. Maritime arbitration is preferred by many parties because it is often faster, more flexible, and less expensive than traditional litigation. Additionally, maritime arbitration can be conducted in a location that is convenient for the parties, regardless of where the dispute arose.
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