Final answer:
An arbitrator's power to impose a binding settlement depends on the terms agreed upon in the arbitration clause or contract. Arbitration is an alternative dispute resolution process, characterized by accessible, impartial, and timely justice, and decisions made by arbitrators can be legally binding. Therefore, the given statement is true.
Step-by-step explanation:
An arbitrator is indeed a third party in a dispute resolution process, but the assertion that an arbitrator is always empowered to impose a settlement in a contract dispute may not be universally true. The role of an arbitrator can depend on the terms agreed upon by the parties in their arbitration clause or contract. Generally, in arbitration, once both parties have presented their case, the arbitrator makes a decision which can be binding or non-binding, based on prior agreement. A legally binding decision is enforceable in court, much like a court judgment.
Accessible and impartial dispute resolution is a critical component of a functional arbitration process. Arbitrators are selected for their competence, ethical standards, and independence. They are expected to deliver justice in a timely manner, reflecting the principles of fairness and reflecting the communities they serve.