GENERAL KNOWLEDGE

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.

Detailed explanation-2: -An arbitrator is an independent, impartial third party that works to settle a dispute between two opposing sides, often by making a decision that they both agree to. This process is called arbitration.

Detailed explanation-3: -Third party funding is where someone who is not involved in an arbitration provides funds to a party to that arbitration in exchange for an agreed return. Typically, the funding will cover the funded party’s legal fees and expenses incurred in the arbitration.

Detailed explanation-4: -When the arbitrator makes a decision, this is called an award and it’s legally binding. If you don’t agree with the decision, you can’t take your case to court to get the decision changed.