Arbitration

Arbitration

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Arbitration is a legal method of settlement of a dispute outside the court of law. Under this legal method for resolution of disputes, both the buyer and seller, agree in the contract itself to appoint some person(s), by whose decision both the parties agree incase of a dispute.Fundamentally - its a dispute settlement technique where in the appointed agency listens and seeks the evidence from both parties and give a decision on the matter.Normally - in all contracts in Projects - there is a clause related to arbitration with whose decisions the parties agree to comply with.

More details on the arbitration can be found at http://en.wikipedia.org/wiki/Arbitration.

Now when you get into a dispute, it is records (both paper based and electronic) that will serve as evidence when the case is put forward to be resolved by the arbitrator.Under those circumstances, the records - as are meticulously maintained in a system as tBits - serves as evidence and prove beyond doubt the course of actions resulting in a claim.This is particularly very important as most claims happen at handover and at end of the project and many such projects are long term projects - over 3-5 years - during which many of the team members who were dealing with such issues have changed and their laptops formatted resulting in loss of precious information and records required to serveas evidence during arbitration or legal proceedings.