Arbitration.

Contrary to mediation, arbitration is a procedure whereby the third-party neutral (or in some cases, a panel of neutral arbitrators) hears the evidence in a private dispute and makes a decision, or award, to which the parties must comply. Although that description may sound no different than court litigation, it is quite different and has many advantages over traditional court proceedings. Like mediation, it is a confidential process. Additionally, it is much more informal than court, and the rules of evidence are more relaxed. Also like mediation, it is generally much less time-consuming and expensive than traditional litigation, and the arbitrator typically has more technical subject matter expertise in the area of the dispute than does a judge. Finally, the award in arbitration is generally more final than a court verdict, as the avenues for appeal are more limited. It’s for these reasons that arbitration is generally favored by businesses in commercial, construction, labor and employment disputes.