Definition of 'Adjudication'
Adjudication is often used in the context of commercial disputes, such as contract disputes or intellectual property disputes. It can also be used in the context of consumer disputes, such as those involving credit card companies or telecommunications companies.
The advantages of adjudication include its speed, efficiency, and cost-effectiveness. Adjudication is typically faster than litigation, and it can be less expensive than litigation, especially if the parties are able to agree on an adjudicator who is willing to work for a reduced fee.
The disadvantages of adjudication include the fact that the adjudicator is not bound by the same rules of evidence as a court, and the parties may not be satisfied with the adjudicator's decision.
Adjudication is a valuable tool for resolving disputes. It is a faster, more efficient, and less expensive alternative to litigation. However, parties should be aware of the potential disadvantages of adjudication before agreeing to use this process.
In addition to the general definition of adjudication, there are also a few specific types of adjudication that are worth mentioning. These include:
* **Binding arbitration:** This is a type of adjudication in which the parties agree to be bound by the adjudicator's decision.
* **Non-binding arbitration:** This is a type of adjudication in which the parties are not bound by the adjudicator's decision, but they may choose to follow it.
* **Mediation:** This is a type of dispute resolution process in which a neutral third party helps the parties to reach a settlement agreement. Mediation is not the same as adjudication, because the mediator does not make a decision on the merits of the dispute.
The type of adjudication that is used in a particular case will depend on the specific circumstances of the dispute.
Do you have a trading or investing definition for our dictionary? Click the Create Definition link to add your own definition. You will earn 150 bonus reputation points for each definition that is accepted.
Is this definition wrong? Let us know by posting to the forum and we will correct it.