Parties that agree to submit disputes to a neutral party who will ultimately make a binding decision to resolve the dispute are agreeing to participate in the arbitration process.

Question

Quizplus · Accepted Answer

Arbitration is a process where disputing parties agree to submit their disputes to a neutral third party (the arbitrator) who makes a binding decision to resolve the conflict, unlike mediation where the mediator facilitates negotiation but does not make binding decisions.

Parties That Agree to Submit Disputes to a Neutral Party