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Arbitration is a form of alternative dispute resolution where two or more parties agree to have their dispute resolved by an impartial third party, known as an arbitrator or a panel of arbitrators. The arbitrator(s) hear arguments and evidence from both sides and make a final, binding decision on the dispute.
Arbitration is often used as an alternative to going to court, as it can be a faster and less expensive process. It is commonly used in commercial disputes, labor and employment disputes, and consumer disputes.
Arbitration can be conducted through either voluntary or mandatory processes. In voluntary arbitration, both parties agree to submit to arbitration after a dispute arises. In mandatory arbitration, one party requires the other party to submit to arbitration as a condition of entering into a contract or agreement.