Arbitration is a legal solution to a business-related dispute that usually entails a fraction of the time and money of litigation. Both parties agree to recognize an arbitration panel as a legal authority, and agree that the decision is legally binding. If the losing party fails to pay the award amount, the winner can transfer the decision to a court, which will enforce the award judicially. Arbitration procedures are usually closed to the public.
Visit the American Arbitration Association (AAA) or the Global Arbitration and Mediation Association (GAMA) sites to find an arbitrator in your area.
