Arbitration

Arbitration is a way to solve a dispute that relies on a third party for the decision. In an argument between two people, there are several ways to devise a solution. The law courts are one way that two people who have a disagreement can solve their problem, but going to court presents a number of different issues and is generally a costly affair. Alternative dispute resolutions are a way to solve problems without taking up the court's time. Arbitration is one of the most popular alternative dispute resolution choices and is a valid legal technique. In arbitration, both parties agree to accept the decision of the tribunal or arbiter. The arbitrator is an unbiased third party who has no self-interest in the matter. For example, you and your friend may have an argument over the best football player. You turn to a third party for their opinion, and he or she is your arbitrator.