ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Arbitration: a neutral person called an “arbitrator” hears arguments and evidence from each side and then decides the outcome.

Detailed explanation-2: -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.

Detailed explanation-3: -Arbitration In arbitration, a neutral third party serves as a judge who is responsible for resolving the dispute. The arbitrator listens as each side argues its case and presents relevant evidence, then renders a binding decision.

Detailed explanation-4: -Arbitration. In arbitration, which can resemble a court trial, a neutral third party serves as a judge who makes decisions to end the dispute. The arbitrator listens to the arguments and evidence presented by each side, then renders a binding and often confidential decision.