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American Arbitration Association (AAA)
A not-forprofit
organization that provides resources for
Alternative Dispute Resolution (ADR).
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Arbitration
1. A process by which a dispute between parties
is presented to one or more disinterested
parties (arbitrators or neutrals) for a decision.
The contending parties agree to accept this
decision without further appeal. Also known
as binding arbitration.
2. The resolution of a conflict between parties by
a party removed from the dispute.
3. A form of Alternative Dispute Resolution.
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Binding Arbitration
Specific to Alternative
Dispute Resolution (ADR), binding arbitration
involves the presentation of a dispute to an
impartial or neutral individual or panel for
issuance of a binding decision. The parties
can usually choose their arbitrators. See also:
Arbitration.
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Mediated Arbitration
n alternate dispute
resolution (ADR) process frequently referred
to as “med-arb.” When an impasse is reached
in mediation, a neutral party is authorized by
the parties to the contract to issue a binding
opinion on the cause of the impasse or the
remaining issues in dispute.