Arbitration
Arbitration is a legal technique
for the resolution of disputes outside
the courts, wherein the parties
to a dispute refer it to one or
more persons such as (the "arbitrators",
"arbiters" or "arbitral
tribunal"), by whose decision
(the "award") they agree
to be bound. Arbitration in the
United States and in other countries
often includes alternative dispute
resolution (ADR), a category that
more commonly refers to mediation
(a form of settlement negotiation
facilitated by a neutral third party).
It is more helpful, however, simply
to classify arbitration as a form
of binding dispute resolution, equivalent
to litigation in the courts, and
entirely distinct from the various
forms of non-binding dispute resolution,
such as negotiation, mediation,
or non-binding determinations by
experts.
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