Comparison between Arbitration and Litigation

Basic Concepts:
Arbitration means the reference of a dispute to an impartial tribunal chosen by the parties to the dispute who agree in advance to abide the tribunal's award issued after a hearing at which both parties have an opportunity to be heard.
Arbitration is often referred to as an alternative to litigation. However, they share the same fundamental premise. A third party is responsible for deciding any dispute. In arbitration, the parties present their dispute to an impartial arbitrator who will make a binding decision on the parties. Arbitration takes place as a result of an agre…