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Arbitration is an alternative dispute resolution method involving a neutral third party whose decision is binding. It allows parties to choose their procedures and maintain confidentiality, contrasting with litigation which is public and follows fixed court rules. An arbitration agreement must be in writing, clearly indicate consent, and can be terminated under specific conditions, while the arbitral tribunal is responsible for ensuring impartiality and compliance with legal requirements.

Author
madhurajbharti.kba
Language
EN