Arbitration is a form of alternative dispute resolution (ADR) in which parties to a dispute agree to submit their differences to a neutral third party for resolution. This process is often used in legal disputes, as it is a less expensive and more efficient way to resolve conflicts than litigation. The arbitrator, or neutral third party, is usually a lawyer or retired judge who is knowledgeable in the subject matter of the dispute. The parties to the dispute present their arguments to the arbitrator, who then makes a decision based on the evidence presented. The decision of the arbitrator is legally binding and can be enforced in court. Companies in the arbitration market include JAMS, the American Arbitration Association, and the International Centre for Dispute Resolution. Other organizations, such as the International Chamber of Commerce, also provide arbitration services. Show Less Read more
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