Arbitration

Definition: A dispute-resolution process in which an arbitrator hears the parties and renders a decision under the governing agreement or law.

Example

Parties consent to submit an escrow dispute to arbitration as an authorized settlement procedure.

Keep the distinction clear

A mediator helps parties reach agreement; an arbitrator decides. Whether an arbitration award is binding depends on the applicable arrangement and law.

Related terms

Mediation · Conflicting Demands · Escrow Disbursement Order (EDO)

Keep studying

Florida Escrow Deposits: Associate and Broker Deadlines

References: Florida Statutes 475.25: discipline and escrow disputes

Pronunciation (US): ar-bih-TRAY-shun (capitals show stress)

Pronunciation reference: Merriam-Webster