Arbitration
A dispute resolution process where a neutral arbitrator hears evidence and makes a binding decision, similar to a private trial.
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Detailed Explanation
Arbitration is more formal than mediation but less formal than court trials. Many contracts include mandatory arbitration clauses. The arbitrator's decision is usually final with very limited appeal rights. Costs include arbitrator fees ($1,000-$5,000/day), filing fees ($200-$3,000), and attorney fees. Arbitration is typically faster than litigation (months vs years).
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