arbitration
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arbitration
HB50
process of dispute settlement under procedures set out in statutory law, under which an independent ‘arbitrator’ is appointed to hear submissions from the parties in dispute, usually in private, and make an award that is final and binding
An arbitration clause, inserted into the contract, requires that a specified procedure be followed by all parties in appointing the arbitrator. Arbitration is generally a faster and cheaper process than dispute resolution through litigation and the court system.
See also: adjudication