Arbitration is a process in which a dispute is submitted to a neutral third party who makes a decision after hearing argument and reviewing evidence. Formal rules of evidence are relaxed. Decisions by the arbitrator can be binding or advisory, depending upon agreement by the parties and by applicable law. Presently, the government cannot enter into binding arbitration agreements.5. A summary trial with binding decision is an abbreviated trial presided over by a judge or magistrate.
Decisions are quick and final, but have no precedential value.
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