Arbitration is a legal process in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. It is an alternative dispute resolution method where the parties in dispute agree to have their case heard by a qualified arbitrator out of court. Here are some key features of arbitration:

• Private: In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.

• Binding: Arbitration is a binding procedure, and decisions reached through arbitration are binding just like a court case.

• Agreement: Arbitration can only take place if both parties have agreed to it.

• Arbitration clause: In the case of future disputes arising under a contract, the parties insert an arbitration clause in the relevant contract.

• Submission agreement: An existing dispute can be referred to arbitration by means of a submission agreement between the parties.

• Arbitrator selection: The parties can select a sole arbitrator together or have a three-member arbitral tribunal, each party appoints one of the arbitrators; those two persons then agree on the presiding arbitrator.

• Less expensive: Arbitration is often much less expensive than litigation due to its less stringent procedural requirements.

• Similar to court: Of the potential alternative dispute resolution methods available, arbitration is the most similar to taking your case to court.

• Adjudicatory: Arbitration is adjudicatory, as opposed to advisory, because the arbitrator renders a decision at the end of an arbitration hearing, and that decision is final and binding, subject only to a very limited court review.

• Limited discovery: Arbitration means limited discovery and the lack of.

• Faster resolution: Once the parties decide to go to arbitration, the process moves swiftly. A dispute is filed with an arbitration body, the parties mutually decide on an arbitrator, and the hearing can begin.

• Arbitration clause in contracts: Arbitration provisions are often written into commercial contracts, stating that in the event of a conflict, the parties will use arbitration to resolve their issue.

• Non-binding arbitration: When arbitration is non-binding, the arbitrators award is advisory and can be final only if accepted by the parties.

• International arbitration: International arbitration is also an important and growing legal field as arbitration provisions within treaties often establish the sole method by which signat...