Today many disagreements, especially those involving businesses and large sums of money, are resolved through arbitration. Going to court can be time-consuming and expensive, and arbitration, whether it's binding or non-binding, is usually more efficient and less costly. If you've ever read the fine print on a contract for renting an apartment, insuring the contents of your home, or even hiring a company to launch your website, you know that many companies now require arbitration to settle any dispute about the delivery of goods or services.
So what is arbitration? Arbitration is a legal process in which people agree to take their case to a neutral fact-finder, often someone they have chosen because he or she is respected and knowledgable about the subject matter. That person reviews evidence, hears testimony, and makes a decision. Decisions reached by arbitration can be binding or non-binding. If you are involved in an active dispute, have a contract that requires arbitration, or just want an efficient determination by a third party, arbitration is a process that could help.