The arbitration is an optional as it arises for a legal process, with the purpose of resolving the dispute without resorting to make a common judgment. Arbitration began at the beginning of the Middle Ages, when the feudal lords protected any citizen from legal problems, in exchange for their slavery until they had enough money to buy their freedom; this was considered domestic arbitration. It was banned, but in the year 1789 it appears again, and has remained to this day.
In order for the arbitration to take place, it is necessary that both parties agree with the decision, so they must choose an independent third party who will be in charge of resolving the dispute. With the intervention of the third party, that of the court is not necessary, but it is required when the decision has to be enforced. Arbitration has various advantages, such as speed, flexibility and agreements can be reached in advance.
There are two types of arbitration, the institutional one, which takes place in institutions, under their own rules, and the independent one, where the arbitrators choose the rules by which they will be governed. Also this other classification, which is used according to the type of ruling that is presented, these are: in law and in equity.
The principles of arbitration are: voluntariness, equality, hearing, contradiction, freedom of configuration of the arbitration process and confidentiality; thus explaining that the two parties must be willing at all times to submit to the decisions of a third party, equal rights, an obligation to state their reasoning, know what they are accused of, determine the parts of the process and keep the whole process secret.
