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Meaning & Definition

arbitration

Arbitration is a method of resolving disputes outside the courts, where a neutral third party makes binding decisions based on evidence and arguments presented by the parties involved. It is commonly used in labor disputes, commercial conflicts, and consumer issues, offering a faster, more cost-effective, and private resolution compared to litigation. Arbitration agreements are often included in contracts, and the process aims to deliver fair and impartial outcomes, maintaining business relationships and avoiding prolonged legal battles.