What is Arbitration?

Arbitration is an alternative form of dispute resolution. It involves the presentation to evidence to a part of one or more who will make a decision. Depending on what is agreed on by involved parties, Arbitration may be binding or not binding. It is often less expensive to arbitrate since discovery is limited and the proceeding is less formal. Parties will often agree to arbitrate disputes when they enter into a contract with each other. They can also agree to arbitrate a dispute after it arises in an effort to resolve the matter more efficiently.