An arbitration is like a private trial before a judge (not a jury). The parties present their witnesses and evidence just like in a regular trial, and the arbitrator makes a decision. The decision is binding on the parties, except for one exception. If the arbitration was ordered by the court (judicial arbitration), the losing party may ask for a trial before a judge or jury.
If the decision is binding, the decision of the arbitrator may be submitted to the court by the prevailing party and receive a court judgment. The prevailing party may then proceed to collect the judgment amount from the losing party as in any other type of civil case.