What is it?
Arbitration is a figure whereby an impartial and specialized third party, called an arbitrator, acts as a judge in the process of resolving a dispute, handing down an arbitration decision which has the same legally binding effects as a court decision would.
The arbitrator acts in an arbitration tribunal, which may be comprised by one or three arbitrators, depending on the amount in dispute.
Arbitration shall be international when the controversy is framed within the criteria chosen by each specific legislation for such purpose.