One of the variations of arbitrations can be considered from the aspect of executory and ad-hoc arbitration. The difference between the executory and ad-hoc arbitration is that in an executory arbitration, the arbitration is agreed upon or set prior to any dispute arising whereas, in the case of the ad-hoc arbitration, arbitration is agreed upon after a dispute arises. Executory arbitration is best suited for situations where parties go into a contract together. Ad-hoc is best suited in cases where disputes are not likely anticipated or where the dispute arises where parties have no form of immediate dispute resolution approach.
Additionally, arbitration can be considered in the form of administered and non-administered arbitration. Administered arbitration is provided by specific organizations that offer a full range of support services, which may include a venue for the hearing scheduling dates for the meeting and provision of rules and regulations to govern the arbitration process (Coltri, 2010). Business transactions involving large organizations may be best suited to use an administered approach to dispute resolution. Non-administered arbitration involves a case where there is no need for administration support. The disputants, in this case, do not create a set of rules from scratch (Coltri, 2010).
Disputes arising in labor may be handled through interest and rights arbitration. Interest arbitration involves resolving issues through bargaining between employer and employee. In the case of rights arbitration disputes target involve issues such as unfair labor practices such as being overworked complaints (Coltri, 2010).
There is also court based arbitration and private arbitration. According to Coltri (2010), court-based arbitration is more of a channel to aid in the negotiations rather than being and adjudicatory process. Private judging arbitration involves having a private judge or referee in which the result of the dispute resolution has a legal impact. Private arbitration, on the other hand, has no involvement of the public sector. Variation of arbitration may also depend on the extent of the arbitrator’s award. For instance, in high-low arbitration, the decision of the arbitrator will be based on two extremes, a high value and a low value (Bühring-Uhle, Kirchhoff and Scherer, 2006). In the case of the final offer arbitration, the arbitrator chooses between the final offers provided by the disputing parties (Coltri, 2010). High-low and final offer arbitration are more suited in cases where settlements involve finances.
References
Bühring-Uhle, C., Kirchhoff, L., & Scherer, G. (2006). Arbitration and mediation in international business. Alphen aan den Rijn (Netherlands: Kluwer Law International.
Coltri, L. S. (2010). Alternative dispute resolution: A conflict diagnosis approach. Boston: Prentice Hall.
