Legal Definitions from Termly’s Legal Experts
Arbitration
Arbitration definition (noun)
1.
Arbitration is an alternative dispute resolution process that takes place outside of court. In arbitration, an agreed-upon, neutral third party (the arbitrator) reviews the case and hears from both sides before making final decisions about the dispute. These decisions are legally binding.
Arbitration can only take place if both parties have consented to it.
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