Management Glossary

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arbitration
The use of a third-party (the arbitrator) to settle a dispute. Arbitration can be binding or non-binding. In the case of binding arbitration, the parties to the dispute agree in advance to accept the decision of the arbitrator regardless of whether that decision favors the other party. Arbitration is an alternative to settling disputes in court and is usually less expensive than taking a dispute to court. Contracts can specify that any disputes that arise will be settled through arbitration. In the absence of such a clause, the parties may mutually agree to enter into binding or non-binding arbitration rather than go to court when a dispute arises. Disputes may still end up in court if the arbitrator is unable to reach a decision or, in the case of non-binding arbitration, if one or more parties to the dispute refuse to accept the arbitrator's decision.
Contributed by: Managerwise Staff

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