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Arbitration is a method of resolving disputes outside of the court system, where an impartial third party, known as an arbitrator, makes a binding decision. It is often used in commercial and contractual disputes and is favored for its efficiency and confidentiality. The parties involved typically agree in advance to enter arbitration, which can help to expedite the resolution process and reduce legal costs. The arbitrator's decision, known as an award, is generally final and enforceable in courts.

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1mo ago

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