________ is the settlement of a difference by a third party whose decision is legally binding.

Name: ________ is the settlement of a difference by a third party whose decision is legally binding.
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Question

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Arbitration is the process where a dispute is settled by a neutral third party, whose decision is legally binding on both parties involved. Unlike mediation, where the mediator helps the parties find a mutual agreement, in arbitration, the arbitrator makes the decision.

________ Is the Settlement of a Difference by a Third