The Concept of Past Practice Is One Where Arbitrators Use

question 164

True/False

The concept of past practice is one where arbitrators use their own prior experience and decisions to help decide a particular arbitration case.

---

Definitions:

Market Share

The portion of a market controlled by a particular company or product.

Expanding Store

An expanding store refers to a retail business that is increasing its physical size or number of locations to accommodate more customers or provide a wider range of products and services.

Optimize Growth

Refers to strategies or approaches aimed at maximizing the rate of growth of an economy, organization, or specific area of development.

Annual Profit

The total earnings or surplus of an organization, company, or individual after all expenses and costs are deducted from total revenues over one year.