Final answer:
In a Condo or Coop arbitration, the decision made by the arbitrator can be either binding or non-binding. Binding arbitration means that both parties involved in the dispute are legally obligated to abide by the decision made by the arbitrator. Non-binding arbitration, on the other hand, means that the decision made by the arbitrator is advisory and not legally enforceable.
Step-by-step explanation:
In a Condo or Coop arbitration, the decision made by the arbitrator can be either binding or non-binding. Binding arbitration means that both parties involved in the dispute are legally obligated to abide by the decision made by the arbitrator. Non-binding arbitration, on the other hand, means that the decision made by the arbitrator is advisory and not legally enforceable.
For example, let's say there is a dispute between a condo owner and the condo association regarding a maintenance issue. If they agree to binding arbitration, they are bound by the decision made by the arbitrator. If they choose non-binding arbitration, they can choose whether or not to follow the arbitrator's recommendation.
It's important to note that the decision to use binding or non-binding arbitration can depend on the specific arbitration agreement between the parties involved. So it's always essential to review the agreement and understand the terms before proceeding with the arbitration process.