What is arbitration?

Business & Management
#1

It is a primary tool dispute resolution. Arbitration is the process of dispute resolution that is voluntarily agreed upon by two parties to accept an impartial arbitrator’s decision on the parties’ dispute. Arbitration is less formal than a court trial, but the process is similar. Following the hearing, the arbitrator issues an award. Arbitration can be either binding or non-binding. If it is binding, the courts can enforce the decision. If it is non-binding, the award is only final if both parties agree to it.