What is arbitration?

 

Arbitration is something that’s similar to mediation. It is where the parties agree ahead of time that they’re going to have someone, and when I say someone, it could be an individual, it could be a panel of people, they agree ahead of time how many people are going to be in this panel, but they agree instead of going to court, instead of going in front of a judge and having a judge decide the facts of the case, they’ve decided that they’re going to submit themselves to the authority of this panel. Then, whatever this panel decides, is how the dispute is going to be resolved.