Arbitration is a non-judicial process for the settlement of disputes where an independent third-party, an arbitrator, makes a binding decision. The role of an arbitrator is similar to that of a judge, though the procedures are less formal, and arbitrators are often an expert in their own right.
This process can be tailored to suit parties’ particular needs. Speedier and cheaper than court, arbitration is confidential and offers limited grounds for appeal. This provides a finality to the awards made, which are binding and enforceable through the courts.