Final answer:
The statement is false; arbitration can be binding or non-binding depending on the arbitration agreement and governing laws, with binding arbitration decisions being enforceable in a court of law.
Step-by-step explanation:
The statement that settlement of a dispute by arbitration never makes the decision binding is false. In many cases, arbitration is indeed binding, which means that the parties to the arbitration have agreed to accept the arbitrator's decision as final, and there is typically no right to appeal. The actual binding nature of the arbitration can vary depending on the terms of the arbitration agreement and the laws governing the arbitration process.It is important to note that in binding arbitration, the decision rendered by the arbitrator is enforceable in court, similar to a court judgement. Non-binding arbitration also exists, where the decision serves more as a recommendation and is not enforceable unless both parties accept it. Whether arbitration is binding or non-binding should be clearly stated in the arbitration agreement that is signed prior to the commencement of the arbitration proceedings.