An non-court alternative method of resolving disputes, where an arbitrator or panel of arbitrators is appointed by the parties to make a binding decision from which there are very limited grounds of challenge. Arbitration may be either ad hoc (where the parties determine whatever rules they may consider appropriate for the arbitration) or administered ( (where the arbitration is conducted under the auspices of one of several arbitral organisations, such as the International Chamber of Commerce (ICC), International Centre for Dispute Resolution (ICDR) or the London Court of International Arbitration ( (LCIA)).

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