LEGAL MATTERS: Differences between arbitration and litigation

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Arbitration is the out-of-court resolution of a dispute between two business parties by an unbiased third party, the arbitrator. Arbitration may appear to the uninitiated as the less appealing relative of litigation. Nonetheless, because of its speedier resolution, cheaper overall cost, and binding ruling, arbitration should be the preferable choice for corporate clients. Arbitration clauses…