Final answer:
Nancy reminds Frasier that a key benefit of arbitration is that the decisions made are legally binding and it can be a private and expedited process.
Step-by-step explanation:
Frasier was called to appear before a hearing panel due to an ethics complaint that was filed against him. His broker, Nancy, is trying to cheer him up. She reminds him that one of the benefits of arbitration is that decisions are legally binding. Unlike traditional litigation, arbitration can be less formal, often faster, and it is generally not open to the public, which can help protect privacy. Also, arbitration may involve fewer parties, and the arbitrators are usually experts in the field related to the dispute. It does, however, have similarities with court trials in that both parties present their case and evidence before a neutral third party who then makes a decision.
The goal of speedy and impartial dispute resolution is to ensure that the legal process does not unduly disrupt the lives of those involved and allows for a fair and competent hearing without unnecessary delays. In addition, arbitration provides an avenue where disputes can be resolved without the public scrutiny that comes with court trials, a potentially important consideration for parties who value their privacy.