The decision is called an award and it is final and binding to both parties. You may file an award in court and it can be enforced as if it were a court judgement. The arbitrators are selected jointly by both parties, on the basis of specific skills or knowledge, from a short list provided by the Bureau's Dispute Settlement Centre. They are administrators, architects, educators, engineers, entrepreneurs, lawyers, police officers, realtors and social workers. They pledge to be fair, honest and unbiased.
Arbitration is speedy, inexpensive, private and less adversarial than court.
It allows for inspection of the product in dispute, and allows you to participate in the selection of the panel. You may be represented by legal counsel, although it is not a requirement. Arbitration is a private proceeding, unlike a court hearing. Yes, it has the same effect as a Court Judgement. The cost of the arbitration service is generally split equally between the parties.