Alternative dispute resolution (or working out a dispute) |
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Arbitration, a form of alternative dispute resolution (ADR), is a way of resolving disputes outside the courts. Litigation can be expensive, time-consuming and unpredictable.[1] With arbitration the parties to a dispute agree to have the disagreement decided by a neutral third party.[2] More often this is a panel of three arbitrators. Each party suggests one, then both arbitrators agree on a third arbitrator.[1] The decision is the result of a majority vote.[1]