Arbitration involves a final and binding decision made by an arbitrator.Group of answer choicesfalsetrueNext

Analyzing the Statement

1. Understanding Arbitration
   Arbitration is a method of resolving disputes outside of courts, where an arbitrator makes a binding decision.

2. Final and Binding Decision
   One of the key characteristics of arbitration is that the decision made (the award) is typically final and binding on both parties involved in the dispute. This means that the parties cannot appeal the decision in court, except in very limited circumstances.

3. Evaluation of the Statement
   The statement asserts that arbitration involves a final and binding decision made by an arbitrator. Given the established definition of arbitration, this statement is accurate.

Final Answer

True – Arbitration involves a final and binding decision made by an arbitrator.