What is arbitration?
Arbitration involves adjudication by a third-party neutral. While it is possible to structure arbitration to be non-binding, most arbitration proceedings are designed to be binding.
Arbitration will in most instances come about by agreement of the parties, either due to a pre-existing contract or based on the specific terms of an arbitration agreement entered into after the dispute has arisen. Unless otherwise agreed, the terms of the applicable Arbitration Act will govern and the decision of the arbitrator, unless otherwise agreed, will be binding.