Property in Spain
Real estate Spanish-English glossary: arbitration
Euroresidentes,

  
arbitraje = arbitration


Arbitration: Arbitration is a way of resolving conflicts in which both parties are obliged to comply with a decision as set out in the terms and conditions of the arbitration agreement. It is a way of reaching a solution, supported by law, without having to go to court.

In order for an issue to be resolved through arbitration and not through the courts it is important that both parties agree to the process. The law cannot force parties to go through arbitration - agreement to this process being voluntary.

The new Spanish law of Arbitration was passed and became law in March 2004.

According to official data in 2003 out of 58,504 applications for conflict resolution received by Centres for Arbitration for Consumers in the whole of Spain, 3027 (5.17%) involved housing or property disputes. Out of these 1402 (46.3%) were dismissed because one party would not accept arbitration.

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Spanish-English glossary: arbitraje, arbitration
 
© 2000 Euroresidentes. ItyIs Siglo XXI, Spain.