arbitration institutions

Arbitration institutions are organizations that facilitate the resolution of disputes outside of traditional courts. They provide a structured process where parties can present their cases to a neutral third party, known as an arbitrator. This process is often faster and more flexible than going to court. Institutions set rules, appoint arbitrators, and ensure that the arbitration process is fair and efficient. Common examples include the International Chamber of Commerce (ICC) and the American Arbitration Association (AAA). These institutions help resolve various disputes, such as commercial, labor, and international issues, with the goal of reaching a binding decision.