What is Arbitration and why should I use it to settle my dispute?

Arbitration is a way of resolving disagreements that is quicker, easier and less costly than litigation through the judiciary courts. A form of alternative dispute resolution (ADR), arbitration is the most traditional form of private dispute resolution. The dispute will be decided by a neutral third party called the arbitrator ultimately decides the matter and renders the arbitration award. An arbitration decision or award is legally binding on both sides and enforceable in the courts.

Arbitration is a more formal dispute resolution process than mediation. Therefore, this practice is used when a legal matter has escalated to a more serious issue, and a decision is needed from an impartial Arbitrator. Arbitration should be used when both parties cannot settle on an agreement, particularly if time is a factor.