Arbitration, the hearing and determining of a dispute, is the settling of differences between parties by a person or persons agreed to or chosen by the parties involved. Though arbitration is usually voluntary, it is sometimes required by law. When both sides come to an agreement bound by the arbitrator’s decision (the “award”), it then becomes binding arbitration. The country’s arbitration laws or arbitration rules are prescribed by the International Chamber of Commerce typically determines the exact procedure to be followed.
Know going into arbitration that is that it is final. Persons involved must be aware of all stipulations, restrictions and subject matter before coming to an agreement. Even with an arbitration in your favor, it’s still possible for a defendant to sue. Going over the agreement with a fine-tooth comb is possibly your best defense.