MANAGEMENT

Detailed explanation-1: -Arbitration as a dispute resolution is used mostly in commercial disputes, consumer disputes, credit obligation disputes, and state or investor disputes. It can also be used to resolve disputes among the family, laborers, or workers. An arbitrator is an official person that will make the final decision.

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. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.

Detailed explanation-3: -An arbitration agreement is a legally binding contract that offers an alternate dispute resolution between two parties or more. Arbitration agreements provide an alternative to civil court litigation.

Detailed explanation-4: -While the underlying agreement creates a relationship of obligation between the parties, the arbitration agreement solely addresses the settlement of disputes between the parties.