Arbitration and Contract Mediation Agency- Confidential LLC - About Arbitration. Arbitration , in the law, is a legal alternative to the courts whereby the parties to a dispute agree to submit their respective positions to a neutral third party, the arbitrator, for resolution. Generally, arbitration is used in a business-related dispute and usually entails a fraction of the time and money of litigation. Both parties agree to recognize an arbitration panel as a legal authority, and agree that the decision is legally binding. If the losing party fails to pay the award amount, the winner can transfer the decision to a court, which will enforce the award judicially.
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