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What is Arbitration Process in Venezuela Explained about?
The document describes arbitration in Venezuela. Arbitration is an alternative dispute resolution mechanism where the parties decide to submit their controversy to an impartial third party called an arbitrator. The arbitrator applies the law to the specific case and issues a binding arbitral award for the parties. Arbitration is based on the commitment between the parties and can be legal, where the arbitrator strictly applies the law, or equitable, where justice prevails over legal forms.
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- ScribdTranslations
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- EN