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what is Non binding arbitration

LawLaw
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what is Non binding arbitration

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Rahil Pereira

Non-binding arbitration is very similar to the tradition arbitration process, with the only difference being that the parties are not bound by the decision of the arbitrator. It is conducted privately and no public record will ever exist of the same. The benefits of such a process is that parties are able to discern a possible outcome in case the dispute is taken before a binding forum such as binding arbitration or a Court. This process helps the party to reach an out of court settlement on the basis of the decision rendered. Since the parties are not bound by the decision of non binding arbitration, it also helps them evaluate the options they have in order to pursue a claim or a dispute.

 

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