The arbitrator then renders his or her decision or award. Arbitration provides distinct advantages over the court system in many different types of disputes. Because arbitration is a private method of settling disputes, parties can tailor the arbitration proceeding in almost any manner they choose. For example, parties involved in arbitration can agree to limit the number of witnesses each side will present, set parameters on the amount and type of evidence that will be presented, and pre-determine what issues the arbitrator's award should cover. Another important benefit of arbitration is its ability to provide the parties with an arbitrator experienced in the subject matter of the dispute.
Many cases involve complex evidence, testimony, and documents.
The arbitrator's knowledge allows for a quick understanding of the issues, which in turn saves time and expense. Because they are conducted by private agreement, arbitration hearings are not open to the public and the decisions reached are generally not matters of public record. In High-Low arbitration, the parties mutually establish, prior to the hearing, a range in which the award must be. Conversely, if the arbitrator's decision is below the established minimum, the award moves up to the predetermined low figure. In most instances, the parties agree to not inform the arbitrator of the range of their High-Low agreement.