This process of ADR can be entered voluntarily between two parties or it can be mandatory, such as in cases where there exists a previous contract agreement between parties to settle all disputes through arbitration. It can also be binding or non-binding. There are some companies that provide the best Alternative dispute resolution services.
Non-binding arbitration and mediation are similar except during mediation, the mediator helps two parties talk about the problem, and maintain a relationship, while with non-binding arbitration, a decision to be made about which party is awarded what is the only goal. The arbitrator remains separate from the relationship between the two parties.
Please keep in mind that after an arbitrator has handed down his or her decision and awarded it to one party, an arbitrator's decision is not as easily enforced as it is by the courts. After a decision has been made, it must be brought to the court to be sanctioned and an action to be filed in order for it to be implemented.
Arbitration awards cannot be applied to the winning party until it is approved by a judge. So be aware that it may take some extra time. Consider arbitration if you need a dispute resolved directly, using a minimal amount of time and money.
It is an effective and capable response to a dispute among two parties looking for resolution quickly and with limited disruption. With knowledgeable arbitrators, you will receive a decision that is best suited to you.