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

Arbitration is a form of dispute resolution that is an alternative to the traditional court system. In arbitration, a neutral third party called an arbitrator hears both sides of a dispute and makes a ruling that is binding. This ruling can be enforced by a court, if necessary. The main difference between arbitration and other forms of dispute resolution is that arbitration is voluntary. Parties agree to submit their dispute to arbitration, instead of the court system. Also, arbitration is a private process, unlike the court system, where decisions made in court are public. Another difference between arbitration and other forms of dispute resolution is the process itself. The arbitrator will usually hear both sides of the dispute and can make a quicker ruling than the court system. Additionally, arbitration often costs less than traditional litigation. Finally, while parties engaging in arbitration can agree to an informal process, parties who choose to use arbitration often agree to a more formal process. This formal process often involves written documents, discovery, witness testimony, and other evidentiary procedures that are not available in other forms of dispute resolution. The formal arbitration process allows the parties to have more control over the outcome of the dispute, as well as the timeline for resolving the dispute.

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

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