When the parties to an arbitration govern the arbitration by their own without taking help from any formal arbitration institute, such kind of arbitration is called?
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → Ad-hoc Arbitration
Ad-hoc Arbitration - An arbitration which is governed by parties themselves, without recourse to a formal arbitral institution. It may be domestic or international in character.