What is ‘arbitration’?

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What is ‘arbitration’?

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Asked on July 2, 2017 under Business Law, Alaska

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Arbitration refers to the way in which a legal dispute can be settled between parties to a contract (including marriage) by a neutral third party known as the "arbitrator". Arbitration eliminates the need for court action. It is usually voluntary but is sometimes required by law. If both sides agree to be bound by the arbitrator's decision, known as the "award", it becomes binding.


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