BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.

Detailed explanation-2: -: an impartial person or group that is given the power by disputing parties to resolve their dispute compare mediator.

Detailed explanation-3: -An arbitrator plays the role of a neutral person, who makes decisions on a dispute based on evidence presented by the parties. The decision the arbitrator makes is not always legally binding, but if it is, individuals and/or businesses are not able to go to court later if they do not agree with the outcome.

Detailed explanation-4: -Arbitrator listens to facts and evidence and renders an award. Mediator helps the parties define and understand the issues and each side’s interests.