Arbitration
In arbitration an expert third party knowledgeable about the context of the dispute is empowered to make a decision for the disputing parties. The American Arbitration Association defines arbitration as “the submission of a dispute to one or more impartial ~ersons for a final and binding decision.” The parties can determine in advance of entering mto arbitration which issues will be resolved, the type of outcome, and other procedural aspects. Not unlike the judicial process where the judge and jury hold the decision-making authority, arbitrators offer the final solution for the dispute. An arbitrator is neutral and yet informed enough about the specific issues to conduct investigations and to make a good decision. Arbitrators typically are experts in their area of practice (such as real estate, labor, contracts, or wages). Arbitration usually is less expensive and more expedient than a trial, as well as offering more flexibility in decision making than litigation. Problems may arise from the lack of public disclosure allowed in some arbitration.
