What name is given to the process whereby the parties agree to arbitrate after the dispute has arisen, and agree that the arbitrator will make a final decision?
A) mandatory binding arbitration
B) voluntary binding arbitration
C) mandatory non-binding arbitration
D) voluntary non-binding arbitration

Question

Quizplus · Accepted Answer

Voluntary binding arbitration is the process where parties agree to arbitrate after a dispute has arisen and consent to be bound by the arbitrator's decision. This contrasts with mandatory arbitration, which is required by a contract or statute before any dispute arises, and non-binding arbitration, where the decision can be appealed or ignored by the parties.

What Name Is Given to the Process Whereby the Parties