In law, arbitration is a form of alternative dispute resolution in which two or more parties agree to have their dispute resolved by a neutral third party known as an arbitrator. The arbitrator hears arguments from both sides and makes a decision, which is called an award. The parties to the dispute are bound by the arbitrator's decision, and it can be enforced in court if necessary. Arbitration is often used as an alternative to litigation, as it can be less costly, faster, and more private. It is particularly common in cases involving commercial contracts and employment disputes.

Arbitration (law)

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