Define the term “arbitration.”

Arbitration is accurately defined as a binding dispute resolution process in which a neutral third party, known as an arbitrator, makes a decision that the parties must adhere to. This method is commonly used to resolve conflicts outside of court, with the goal of providing a more efficient and less formal alternative to litigation. The arbitrator listens to the arguments and evidence presented by both sides before rendering a decision, which is typically final and enforceable in a court of law.

This process is advantageous because it can often lead to quicker resolutions compared to traditional court proceedings, and it allows the parties involved to select an arbitrator with relevant expertise in the subject matter of the dispute. Additionally, arbitration can provide privacy for the parties, as the proceedings are usually not part of the public record.

Other options do not accurately capture the complexity and binding nature of arbitration. For instance, informal discussions or voluntary negotiations lack the structured process and enforceability characteristic of true arbitration. Furthermore, the notion that arbitration is limited to family law is incorrect since it is widely utilized in various fields, including commercial disputes, labor relations, and international conflicts.