What does "arbitration" mean in law?
In the law, "arbitration" means that the recognized third party arbitrates between the two parties to the dispute. Arbitration: a method of dispute settlement in which the parties agree to submit the dispute to a third party (with recognized status) who will judge the merits of the dispute and make an award. Arbitration is different from litigation and trial. Arbitration requires both parties' willingness and is also different from compulsory mediation. It is a special mediation. Arbitration is voluntary arbitration, which is different from compulsory arbitration such as litigation. Do you understand that?
