It is the policy of this state to encourage parties to an international commercial agreement or transaction that qualifies for arbitration or conciliation pursuant to section 2712.03 of the Revised Code, to resolve disputes arising from the agreement or transaction through conciliation. The parties may select or permit an arbitral tribunal or other third party to select one or more persons to serve as the conciliator or conciliators who shall assist the parties in an independent and impartial manner in their attempt to reach an amicable settlement of their dispute.

Terms Used In Ohio Code 2712.74

  • Arbitral tribunal: means a sole arbitrator or a panel of arbitrators. See Ohio Code 2712.01
  • Arbitration: means any arbitration, whether or not administered by a permanent arbitral institution. See Ohio Code 2712.01
  • Conciliation: means any conciliation, whether or not administered by a permanent conciliation institution. See Ohio Code 2712.01
  • Party: means a party to an arbitration or conciliation agreement. See Ohio Code 2712.01
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • state: means the United States and any foreign nation. See Ohio Code 2712.01

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