Arbitration

Arbitration is a dispute resolution process where disputing parties agree that one or several individuals can make a decision about the dispute after receiving evidence and hearing arguments. It is similar to a trial in that the parties make opening statements, present evidence to the arbitrator(s), and cross-examine the other party. It differs from mediation because the neutral arbitrator has the authority to make a decision about the dispute. The arbitration process may be either binding or non-binding. When binding, the decision (award) is generally final; when non-binding, the award is advisory unless the parties accept it.

Benefits of Arbitration

• Less formal than traditional legal process—do not necessarily follow all legal procedure rules;
• Arbitrator may have more expertise about technical matter than a judge:
• Less expensive/time consuming than going to court;
• Parties often have choice in picking arbitrator;
• Final determination when parties cannot agree (if binding)