Basic Concepts: Arbitration means the reference of a dispute to an impartial tribunal chosen by the parties to the dispute who agree in advance to abide the tribunal's award issued after a hearing at which both parties have an opportunity to be heard. Arbitration is often referred to as an alternative to litigation. However, they share the same fundamental premise. A third party is responsible for deciding any dispute. In arbitration, the parties present their …showed first 75 words of 654 total…

…showed last 75 words of 654 total…and binding method to resolve dispute among parties and a method with the feature of enforceability in a wide range of territories. Arbitration advantages would be its confidentiality, speed, less costs, and flexibility. Litigation is a formal and binding method to resolve a full range of dispute, but whose enforceability out of territory where it made has not been commonly accepted yet. Therefore, arbitration may be recommended as a poplar approach to resolve dispute.