Arbitration is an agreement between two or more
parties to try to resolve a dispute outside of the court system. The parties
agree upon a third party as an arbitrator who will act as a judge and jury.
After giving the parties the opportunity to present their side of the story and
to present any relevant documents or other evidence, the arbitrator will decide
who wins or what compromises are to be administered.
The rules of arbitration are left to the agreement of the parties. To facilitate
the process, though, the parties can agree to use the rules of an established
organization like the American Arbitration Association.
There can be binding and non-binding arbitration. A "binding" arbitration
generally means that the winning party can take an arbitration award to a court
of law and enforce it if the losing party does not comply with the terms of the
"Non-binding" arbitration refers to a situation where the parties agree to use
arbitration as a forum to try to resolve their differences, but neither party is
bound to comply with any decision by the arbitrator.
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