Arbitration is a private and legally binding form of dispute resolution. This means the decision, including any financial aspects or compensation remains confidential. When entering into arbitration, the parties can decide whether they will each bear their own costs or agree that the breakdown and award of costs should be determined by the arbitrator.
It is also a very flexible method of resolving disputes as the parties involved have significant control over how it is carried out. Generally, the process involves a single arbitrator although it is possible to have an arbitration panel if appropriate and agreed by all parties involved. This may be relevant if several specialist areas are involved in the dispute.
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