This is a similar procedure to mediation, but the final outcome is completely binding upon both parties involved. In arbitration, the legal council of both parties selects and agrees upon a private judge, and each side presents their case to this arbitrator in an out-of-court proceeding. This third party participant then issues a binding decision about the outcome of the conflict at hand. Arbitration will resolve the conflict faster than litigation and have a set answer to a business’ or debtors legal woes in a quicker manner. In many cases, this process will also be less expensive to both parties than a jury trial would otherwise be.
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