Question

Which form of arbitration refers to situations where local representatives agree to comply with the arbitrator's decision before the proceedings? a) Binding b) Unbinding c) Bindable d) Nonbinding

Answer 1

a) Binding

Step-by-step explanation:

A binding arbitration refers to a situation whereby the representatives in a dispute agree to comply with the arbitrator's decision before the proceedings commence. This implies that the arbitration is less formal, less time-consuming, and less costly. As a private method of settling disputes, a binding arbitration will have some disputing parties agree to submit their disputes and their resolution to an impartial arbitrator. The arbitrator will then review the disagreement before rending a final and binding award, as the case may be.