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

Arbitration is a type of dispute resolution that occurs outside of the court system and is often used when parties involved want to avoid the time and expense of a long court battle. It is particularly useful when there is disagreement between two parties but the case involves a specific situation or arrangement that can be determined with the help of an expert. In arbitration, the parties hire a neutral third-party who acts as an arbitrator. This individual is usually a lawyer, a retired judge, or someone else with experience in similar cases. The arbitrator listens to both sides of the dispute and makes a decision or award based on the evidence presented. Unlike a court ruling, the arbitrator’s decision is usually binding and cannot be appealed. Other forms of dispute resolution such as mediation, negotiation, and collaborative law do not use a third-party to make a decision. Rather, these processes involve the parties communicating with each other directly to come to an agreement that satisfies both sides. These processes tend to be less structured than arbitration because decisions are not binding on either side and the parties can negotiate the specifics of a deal that works for them. Also, these methods are often more cost-effective and faster than arbitration.

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

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