What are the differences between arbitration and other forms of dispute resolution?

Arbitration law in Delaware deals with the process of settling disputes using an arbitration process as opposed to other forms of dispute resolution. The primary difference between arbitration and other forms of dispute resolution is that arbitration is a private process, usually conducted by a panel of arbitrators. This means that the parties involved agree to have their dispute heard and decided by a private panel of arbitrators and not by a judge or jury. Other forms of dispute resolution, such as mediation, usually involve a negotiation or agreement between the two parties in an effort to reach a resolution. Another key difference is in the outcome of the process. In arbitration, the arbitrators are authorized to make a binding decision based on the evidence presented. This means that the decision of the arbitration is final and will be enforced by the courts. On the other hand, other forms of dispute resolution, such as mediation, do not result in a binding outcome since the parties involved reach an agreement amongst themselves. Finally, the cost associated with arbitration can be much higher than other forms of dispute resolution. This is due to the fact that the parties involved must pay the cost of the arbitrators, as well as any other costs associated with the arbitration process. This can be a substantial expense, especially for smaller disputes. By comparison, the cost associated with other forms of dispute resolution, such as mediation, can be much lower since the parties do not need to pay for an arbitrator or other costs associated with the process.

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What are the differences between arbitration and other forms of dispute resolution?

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