ARBITRATION
Arbitration is a method of resolving disputes outside of court, where the parties involved agree to submit their disagreement to one or more impartial individuals known as arbitrators. These arbitrators act as a neutral third party to review the evidence and arguments presented by both sides, and then issue a decision or award that is legally binding.
Arbitration is:
1. Voluntary or Mandatory: Parties may agree to arbitration voluntarily, or in some cases, it may be required (for example, in a contract with an arbitration clause).
2. Private and Flexible: Unlike court trials, arbitration is often more private and can be more flexible in terms of process and timing, allowing for more informal hearings or procedures.
3. Arbitrator’s Role: The arbitrators typically have expertise in the subject matter of the dispute, and their decision is often final, with limited opportunities for appeal. In most cases, arbitration is binding, meaning the decision must be followed absent some appealable error. Florida does allow for to non-binding arbitration however, where the decision has limited enforceability.