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Arbitration (Binding & Non-Binding)
A voluntary "mini-trial" where the participants present evidence to an arbitrator who then renders a decision in the case. Non-binding arbitration allows the participants to fully evaluate their respective positions and to get a preview of the likely outcome of the case. Alternatively, participants may agree to be bound by the arbitrator’s decision in binding arbitration. The cost of arbitrating a case depends upon the complexity, type of evidence presented, and various other factors. However, in virtually all cases, it is less expensive and more efficient than litigating through the courts. |
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