Arbitration is a process of resolving a dispute between two parties, in which an arbitrator, or a neutral third party, delivers a decision after hearing both sides of the dispute.
Arbitration is often used in commercial disputes, such as those involving contracts, but can be used in other types of disputes as well. The arbitration process typically begins with the submission of a claim by one party and a response by the other party.
The parties then select an arbitrator and provide evidence and arguments to the arbitrator. The arbitrator reviews the evidence and arguments and renders a decision, which is typically binding on the parties.
Arbitration is typically faster and cheaper than litigation, and often provides more flexibility in terms of procedure than litigation. However, arbitration is not always appropriate, and the parties to a dispute should consult with an attorney to determine whether arbitration is right for their particular situation.