yes,the parties.
Binding arbitration results in a final decision that both parties must abide by, while non-binding arbitration offers a non-binding recommendation that parties can choose to accept or reject.
Binding arbitration
non binding arbitration
yes, If the parties involved agree that the decision made will be legally binding
Binding arbitration results in a decision that both parties must follow, while non-binding arbitration allows either party to reject the decision and pursue other legal options.
In binding arbitration, the parties contractually agree that they will be bound and abide by the decision of the arbitrator. In non-binding arbitration, each party is free to reject the decision of the arbitrator and either do nothing or take the matter to court.
Yes, arbitration is a formal though streamlined process. It is more streamlined that the standard litigation process. Never the less, the parties may choose whether the arbitration is to be binding or non-binding. If binding, the arbitrator's decision is final and the parties must comply with it. If non-binding, the parties may either accept the decision or reject it and pursue litigation.
Binding arbitration can be a quicker and less expensive alternative to litigation, but it may limit the ability to appeal and can sometimes result in less favorable outcomes for one party.
non binding arbitration
Non-binding arbitration
Abriation :)
Well, honey, an arbitration decision is typically final and binding, like a marriage vow. But if you think the arbitrator messed up big time, you can try to appeal the decision in court. Just remember, it's like trying to convince a stubborn mule to change its mind – not impossible, but definitely a challenge.