Glossary of Terms

Answer - A respondent's written reply to a claim.

 

Arbitration Counsel or Administrator - The person at the sponsoring organization who handles administrative matters in arbitration proceedings.

 

Arbitrator - A person chosen to decide disputes between parties.

 

Award - The written determination of the arbitrator(s).

 

Claim - A demand for money or other relief.

 

Claimant - A person making a claim.

 

Counsel - An attorney who advises and represents a party in an arbitration.

 

Counterclaim - A claim against the claimant.

 

Cross-Claim - A claim by a respondent against a co-respondent previously named by the claimant.

 

Filing - Delivery to the Director of Arbitration of the Statement of Claim or other pleadings, to be kept on file as a matter of record and reference.

 

Panel - The arbitrator(s) who decide(s) a dispute.

 

Party - A person or broker/dealer making or responding to a claim in an arbitration proceeding.

 

Pleadings - The claim, answer, counterclaim, and/or third-party claim and/or cross-claim filed in an arbitration.

 

Respondent - The person against whom a claim is made.

 

Service - Delivery of the Statement of Claim or other pleadings to those parties named in the arbitration.

 

SRO - A self-regulatory organization. For the purposes of this pamphlet, an SRO is a securities association or securities exchange.

 

Third-Party Claim - A claim by the respondent against a party not already named in the proceeding.