Alternative Dispute Resolution
Another form of alternative dispute resolution is arbitration, a forum in which the parties and their attorneys present their positions before an impartial third party who renders a specific award. If the parties stipulate in advance, the award is binding and enforceable in the same manner as any contract obligation. If the parties do not stipulate in advance that the award is binding, it will serve as a basis for the parties' further settlement negotiations. Like mediation, arbitration is a popular option because it's less time consuming and expensive than formal litigation in court.
Most problems have solutions. Some solutions are arrived at quickly, and sometimes they take time to develop. Alternative methods of dispute resolution can be faster, cheaper and less stressful than going to court, ultimately providing greater satisfaction with the way disputes are resolved.