What is an arbitration panel?
An arbitration panel is a private court that takes the place of public courts (examples are the arbitration panels of chambers of industry and commerce). The EUCON Institute can also be used as an arbitration panel. Arbitration proceedings can only be initiated on the basis of a legally valid arbitration clause or an arbitration agreement. The procedure may end with an arbitration judgment or an arbitration settlement. The arbitration decision is handed down by the arbitrational judge or judges similar to a court ruling and constitutes a definite end to the legal dispute. The decision is in a manner similar to that of a civil court not brought about by the parties but by outside third parties and is based on a formal procedure subject to procedural constraints.
