What do you mean by Arbitration? Discuss the importance of arbitration in business and business law.
Arbitration is a way to solve disputes without going to court. In arbitration, an independent and impartial person, called an arbitrator, listens to both sides of the argument and makes a decision. This decision is legally binding, meaning both parties must follow it. Arbitration is commonly used in business because it is faster, more private, … Read more