(1) For the purposes
of this Act —
arbitration means a process (other than the
judicial process) in which parties to a dispute present arguments and evidence
to an arbitrator, who makes a determination to resolve the dispute.
(2) Arbitration may be
either —
(a)
section 65M arbitration, which is arbitration of Part 5A Division 2
proceedings carried out as a result of an order made under section 65M; or
(b)
relevant property or financial arbitration, which is arbitration (other than
section 65M arbitration) of —
(i)
Part 5A Division 2 or 3 proceedings or section 221
proceedings; or
(ii)
any part of such proceedings; or
(iii)
any matter arising in such proceedings; or
(iv)
a dispute about a matter with respect to which such
proceedings could be instituted.
[Section 56 inserted: No. 35 of 2006 s. 115.]