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What is arbitration?
Arbitration is a third party decision making process and, therefore, is more akin to a court trial than is mediation. However, it is often faster, less expensive and informal than litigation - depending on the structure selected by the parties. Though discovery and rules of evidence can still be included, they are usually less restrictive and more cooperative than the corresponding litigation processes.
The parties can select a single arbitrator or multiple arbitrators agreeable to all participants, or each of two sides can select one arbitrator who then agree upon a third arbitrator in order to have an odd number for the decision making that will occur. The decision then needs to be made as to whether the arbitration process will be binding or non-binding. The arbitrator(s) may or may not be trained in the subject matter.
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