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[Back to FAQ list] [Jump to this category page]What is arbitration?
Arbitration is a private legal procedure used to resolve disputes between two or more parties. The parties submit their dispute to an impartial third party for resolution. Arbitration is an alternative to court-based litigation.
Why use arbitration?
- Arbitration is generally quicker and less expensive than court-based litigation.
- Arbitration has simpler rules and the parties can agree to additional provisions.
- The parties have more control over when, where and how to resolve the dispute.
Is Arbitration binding?
Yes, except in cases in which the parties agree to non-binding arbitration, also known as advisory arbitration. The arbitrator's decision is called an award and the award is enforceable in a court of law.
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