Arbitration
An ADR method with one or more persons hearing a dispute and rendering a binding decision. An agreement to arbitrate disputes can be made before or after a specific dispute arises. Since the parties can agree to the rules of arbitration (e.g., selecting qualified arbitrators with knowledge of the issues), they can save costs as compared to litigation.
See Federal Arbitration Act, Alternative dispute resolution, Alternative dispute resolution service, and Mediation.
Definition from Nolo’s Plain-English Law Dictionary
An out-of-court procedure for resolving disputes in which one or more people -- the arbitrator(s) -- hear evidence and make a decision. Arbitration is like a trial in some ways, but typically proceeds much more quickly and with less formality.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:11 pm
