Arbitration is defined as a method of resolving a dispute with the professional help of a neutral third party who specializes in resolving labor-management, collective or individual conflicts and delivering a final legal decision. What sets the dispute resolution method apart from a court case is that it’s not as formal and is more flexible. What’s more is arbitration offers a faster scheduling time when compared to a traditional trial. During the resolution, the neutral third party, known as the arbitrator, listens to all sides of the dispute and becomes both the jury and the judge. There are times where arbitration is legally required, and others where it’s fully voluntary.
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