What is arbitration?

Arbitration is a binding dispute resolution method where parties agree to submit their conflicts to one or more arbitrators, who then make a decision on the matter. This decision is typically enforceable by law and has a legal standing similar to that of a court judgment. The primary characteristic that distinguishes arbitration from other forms of dispute resolution is its binding nature, meaning that the parties involved must adhere to the arbitrator's decision, and it usually cannot be appealed in court, except under very limited circumstances.

This contrasts with other choices: a public court hearing is a formal judicial process open to the public, whereas arbitration is generally private. A type of mediation process implies a non-binding, collaborative dialogue to reach a mutual agreement, which does not reflect the binding aspect of arbitration. Lastly, while a legal definition of conflict might touch on disputes, it does not encompass the procedural and binding nature intrinsic to arbitration.