One of the Key Roles of an Arbitrator Is to Interpret

question 68

Essay

One of the key roles of an arbitrator is to interpret the language of a contract, even when that language is unclear or ambiguous. Describe the rules that arbitrators apply to try to fairly interpret the contract.

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Definitions:

Tender

The formal process of submitting a proposal or bid to undertake a contract or supply goods or services.

Consideration

Something of value that is exchanged between parties as part of a contract, making the agreement legally binding.

Consideration

Something of value exchanged between parties in a contract, making the agreement legally binding.

Quantum Meruit

A legal principle that means "as much as he deserves," used to determine fair compensation for services rendered without a specific contract.