What is arbitration?

Arbitration is a form of Alternative Dispute Resolution (ADR) law that is used when two parties cannot come to an agreement on their own. It is a form of dispute resolution, much like mediation, but with a more formal structure. In arbitration, the two parties involved in the dispute will present their cases before an impartial third-party, known as an arbitrator. The arbitrator will assess both sides of the argument and will make a ruling on the dispute. The ruling is legally binding and cannot be changed, unlike a ruling in court which can be appealed. Advantages of arbitration include the fact that it is less costly and more private than a court proceeding, and it can create a more level playing field between the two parties. Arbitration also tends to happen more quickly than a court case, meaning that the dispute can be settled in a shorter amount of time. In Virginia, the Arbitration Act sets out the rules and regulations that govern the process of arbitration. Before arbitration proceedings can take place, both parties must sign an agreement that indicates their willingness to settle the dispute through arbitration. Overall, arbitration is an effective form of ADR that can help resolve disputes in a timely and cost-effective manner.

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What is arbitration?

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