Arbitration
What does arbitration mean?
Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court. It is used as an out-of-court method to resolve disputes. Arbitration is an important means of reducing the time and cost usually associated with court proceedings.
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