In sport, refereeing consists of ensuring that the regulations are respected, sanctioning offenders.
Arbitration is the ability or act of arbitrating . This verb, which comes from the Latin arbitrāre , refers to granting or suggesting arbitration .
When it is said of a person, the arbitration names the procedure that takes place in freedom; said of a third party, it is about resolving a dispute between several parties.
Refereeing in sport
Arbitration, therefore, involves developing the role of arbitrator and resolving certain issues. In sport , the referee is the person in charge of ensuring compliance with the regulations of the discipline in question. All participants have to follow his orders, since he is the person most responsible on the playing field. The number of referees per game depends on the sport in question.
In the case of soccer , for example, there is the participation of a main referee; two referees who act as his assistants and are located on the wings of the field of play; and a fourth referee who is the one who helps the first referee to record warnings or substitutions and who is also in charge of replacing any of the previous three who have to leave their duties due to injury.
Currently, on many occasions the teams that face each other in a match complain about the refereeing and the errors that these referees make when calling fouls, establishing offsides , sending off players or disallowing goals. Hence, a series of technological devices have emerged to correct these human errors, such as slow motion, VAR or the system called falcon eye .
Arbitration in law seeks to resolve a conflict without resorting to the usual jurisdiction.
The term in law
In the field of law , arbitration is an alternative to resolve conflicts of interest without it being necessary to go to the usual jurisdiction . The parties in conflict decide to choose a third party who enjoys independence (the arbitrator), who will be in charge of resolving the dispute and pronouncing what is known as the arbitration award . To do this, you must act fairly and respect the legislation agreed upon by the parties.
In this field it must be emphasized that basically two clearly differentiated types of arbitration are established. Thus, in the first place, there would be what is known as independent , which is the one in which the parties that are in conflict are the ones who choose the arbitrator or arbitrators who will act in the process and are also the ones who determine the rules to follow.
Secondly, there is the so-called institutional arbitration . As its name indicates, it is a specific institution that determines both the aforementioned rules and the person who will be in charge of acting as arbitrator.
Arbitration in economics and finance
In economics and finance , arbitrage involves seeking a profit in the price difference that exists between various markets . For this, complementary operations are carried out that enable the capitalization of the different prices. Through arbitration, those involved access an instant profit.
In this sense, the entity in charge of arbitration is called arbitrageur and is usually an investment firm or a bank .