Arbitration is an agreement to submit a dispute for a hearing and binding decision by a third party, an arbitrator who is either a judge or a court. In other words, it is a process of resolving disputes by referring it to the third party which is selected by the other parties.
The American arbitration is a private corporation which provides a wide range of legal services. It is basically a form of alternative dispute resolution (ADR). There are few people who get confused with the term arbitration. Well it is often misunderstood with mediation. Mediation is basically an informal process of bringing in a third party who enters between the disputing parties to help them resolve a dispute.
The most important thing to be noted in arbitration is that it may be done by one person and arbitration is commonly used for the resolution of commercial matters. Arbitration can either be binding or non-binding or can be voluntary or mandatory. Parties usually prefer arbitration to resolve their disputes because of a number of advantages over judicial proceedings.
One of the most obvious reasons is that arbitration is more flexible and cheaper for businesses and is often faster than litigation in court.
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