is a dispute resolution process whereby parties submit their disagreements to a private individual decision maker they have agreed on or to a panel of decision makers whose selection has been provided for in the contract the parties signed.

Question

Quizplus · Accepted Answer

The description best matches the definition of arbitration. The parties agree to submit their dispute to a neutral third party, and the decision made by the arbitrator(s) is binding.

Is a Dispute Resolution Process Whereby Parties Submit Their Disagreements