Arbitration is a non-judicial, dispute resolution procedure. Generally, there is a hearing with testimony from witnesses before one or more arbitrators. At the end of the hearing, the arbitrator(s) issue an award, which is final and binding regarding all matter submitted to them.
"It is beyond cavil that arbitration is a matter of contract and a party cannot be required to submit to arbitration any dispute which he has not agreed so to submit."
Arbitration is derived from «Arbitrage» - the word from French, meaning a fair verdict of an arbitrator (judge). As the term of the economy first appeared in the work of Mateo de la Porte in 1704. He had the value of the process of comparing the different exchange rates in order to find the most profitable place for the issuance and repayment of the notes.
In general, the consideration of the arbitration - is the proper procedure for which there is a settlement of property or commercial disputes.
There are international commercial arbitration, labor arbitration, state arbitration, administrative or arbitration and arbitration, which applies to the sphere of international trade.
- Ajida Tech., Inc. v. Roos Instruments, Inc., 87 Cal.App.4th 534, 541, 104 Cal.Rptr.2d 686 (2001)(full-text) (citations and internal quotation omitted).