GLOSSARY TERM  
  Arbitration  
 
  DESCRIPTION  
  An alternative dispute resolution process, usually agreed to by the parties by way of an arbitration clause in a Contract, for resolving a dispute in a private tribunal. In comparison to litigation, the parties have some control over the arbitration process such as the choice of arbitrator. Arbitration is a more informal private proceeding which is not reported and made available in the public domain. Arbitrations may be subject to the uniform arbitration legislation of each state.