ARBITRATION
Arbitration is a private process where disputing parties agree that an individual can make a decision, called “an award” about the dispute after receiving evidence and hearing arguments.
Arbitration is different from mediation because the neutral arbitrator has the authority to make a decision usually to end the dispute.
The arbitration process is similar to a trial in that the parties make opening statements and present evidence to the arbitrator. Arbitration is much quicker and less formal than normal trials.
In addition, the arbitration assists in bringing a quick resolution to the dispute and avoiding years of litigation in the courts.
The arbitration process may either be binding or non-binding. When the arbitration is binding, the decision is final and can be enforced by a court of competent jurisdiction. When the arbitration is non-binding, the arbitrator’s award is advisory and can only be final if accepted by the parties.
Retired Judge Dispute Resolution Services provides all forms of arbitration and ultimately the issuance of the arbitration award.
