Arbitration

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Arbitration is an alternate form of dispute resolution and is frequently utilized in the resolution of commercial disputes. During arbitration, the opposing parties agree to allow an independent third party to evaluate the presented evidence and testimony during a hearing and hands down a decision, ruling and/or arbitration award. An arbitration decision or award is legally binding on both sides and enforceable in the courts, unless all parties stipulate that the arbitration process and decision are non-binding.