The judgment, made by an independent third party, to settle a dispute between two other parties and may be either voluntary or compulsory.
When you have a hearing with an arbitrator and the arbitrator decides your case. The decision is final.
Negotiation in which both parties in a union/management dispute, agree to accept an impartial observer’s resolution of the dispute.
A private adversarial process in which the disputing parties choose a neutral person or a panel of three neutrals to hear their dispute and to render a final and binding decision or award. The process is less formal than litigation; the parties can craft their own procedures and determine if any formal rules of evidence will apply. Unless there has been fraud or some other defect in the arbitration procedure, binding arbitration awards typically are enforceable by courts and not subject to appellate review.
A legal method used to efficiently resolve disputes outside the court system. When you enroll in an HMO, DHMO, or EPO, you agree to resolve all differences between you or your dependents and the claims administrator through binding arbitration.
a formal process, though it is much less formal than a litigation process
Arbitration in which both parties have agreed in advance that they will abide by the result and take no further legal action.
The parties to an agreement agree to be legally bound (committed) to the ruling of the arbitrator. The arbitrator renders a decision in the case and the parties must abide by that decision. There is no legal appeal or recourse following a binding arbitration decision unless there is evidence of fraud, conflict of interest, or some other recognized conduct that would invalidate the arbitration. The arbitrator provides a decision that may include a formal "finding of fact", application of legal precedent, assessment of witness credibility, and award or other relief.
Arbitration with a final and binding award, which is often enforceable in the courts. (APTA)
