Arbitration is a dispute resolution method in which a neutral third party serves as the mediator. The arbitrator’s role is to ensure that each party gets to express their side of the story and then make a final decision.
As opposed to litigation, arbitration is less formal, faster, and more flexible in terms of admissible evidence. The “third wheel” of the dispute, an expert or an arbitrator, is responsible for investigating the case and delivering a legal conclusion, which helps resolve the matter without going to court. It consists of an arbitration statement, which is flexible as it is not like a formal criminal or civil case. It is just deciding the question internally and gets intervened by the 3rd party.
Arbitration is designed to be as informal as possible and saves valuable time for both parties because it does not involve the court or a jury. The arbitrator must agree to act impartially and make their best effort to resolve your dispute based on the information presented at times of hearing.