Arbitration

Method of dispute resolution

Arbitration is a formal method of dispute resolution involving a neutral person or entity who makes a binding decision (commonly called binding arbitration). The neutral third party (the 'arbitrator,' 'arbiter,' or 'arbitral tribunal') renders the decision in the form of an 'arbitration award'. An arbitration award is legally binding on both sides and enforceable in local courts, unless all parties stipulate that the arbitration process and decision are non-binding.

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