Arbitration is the process of resolving a dispute between two parties by an impartial third party...
arbitration clause
An arbitration clause, also known as an alternative dispute resolution (ADR) clause, requires the contracting parties to resolve disputes arising out of or concerning the contract through arbitration as opposed to mediation or litigation.
Additional Information
Usually, each party appoints an arbitrator. The two arbitrators select a third or an umpire, and a majority decision of the three becomes binding on the parties in the arbitration proceedings.
Synonyms
alternate dispute resolution clause
Related Terms
Alternative dispute resolution (ADR) is a method for resolving legal disputes other than full...
