Gatekeeper Contract and Vendor Management Glossary

Search common contracting language and take a deeper dive to discover what each means

Arbitration

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.