Binding and Non Binding Arbitration

Arbitration is the alternative choice available to resolve disputes without going for litigation or trial. Both the parties have to agree that a third party arbitrator will act as both judge and jury. Arbitration can be binding or non-binding but quite often it ends in a settlement. In a non binding arbitration no arbitration award what so ever is issued. In a binding arbitration, the arbitrators’ decision is final and cannot be disputed or appealed. The parties may even agree to follow the rules put down by the AAA (American Arbitration Association). Read full article here