Arbitration is a private dispute resolution process in which an arbitrator or panel decides a case under an agreement between the parties, producing an award that is generally enforceable in court. It is usually faster and less public than litigation.
Parties arbitrate because their contract requires it or because they choose it. The rules, the seat and the arbitrators are set by the agreement and the chosen institution, and review of the award is narrow.
Awards against sovereigns and cross-border defendants can face long enforcement phases under conventions on recognition. As in litigation, the clock that matters to capital is often enforcement, not the hearing.
Arbitration is not mediation. An arbitrator decides. A mediator helps the parties reach their own agreement.
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