Transcription: An arbitration is a formal meeting, similar to a court hearing, in which the parties or their attorneys present evidence and arguments to an impartial third party who makes a decision about the case. The decision is often in the form of an award. If the parties agree to binding arbitration in advance, the award can be enforceable. If the parties do not agree in advance, the award will serve as a basis for the parties further settlement negotiations.
(.mp4)