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Arbitration:
· Arbitration is a non-judiciary method used to resolve disputes without having to rely on the court system. · Contractual arbitration occurs when two parties agree to submit a dispute to a non-judicial resolution by an independent third person/party, who renders a binding decision. · In contrast, judicial arbitration allows parties to attempt to resolve disputes prior to going to trial by diverting to arbitration, but unlike contractual arbitration, a judicial arbitration award is non-binding, thereby allowing either party to demand a trial de novo. · Similar to mediation, arbitration is faster and much less expensive than a court proceeding.
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