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Arbitration is another method of Alternative Dispute Resolution.
A dispute is submitted by agreement of the parties involved to an arbitrator.
In an arbitration, a private tribunal determines the resolution of a Dispute between the Parties to a Contract.
It can be binding or non-binding. In instances where it is binding, the decision is final.
In a non-binding arbitration, the decision is advisory only and is only final when accepted by all parties.