Binding Arbitration
/ˈbaɪndɪŋ ˌɑːrbɪˈtreɪʃən/
Definitions
- (n.) A dispute resolution process where the arbitrator's decision is final and legally enforceable, limiting judicial review.
The parties agreed to binding arbitration to settle their contract dispute rather than going to court.
Related terms
Commentary
Binding arbitration is favored to avoid lengthy court proceedings, but draft clauses precisely to clarify scope and enforceability of the arbitrator's award.
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