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In arbitration, the parties select a neutral third party (the arbitrator) who acts as a private judge in the dispute. The arbitrator reviews the evidence, listens to the arguments presented by both parties, and renders a binding decision, known as an arbitral award. The arbitral award is enforceable by law, and it is typically final and not subject to appeal (except in limited circumstances). Arbitration offers several advantages over traditional litigation. It is often faster, more flexible, and less formal than going to court. The parties have more control over the process and can choose an arbitrator based on their expertise in the subject matter. Arbitration also provides greater privacy, as the proceedings and the award are not typically made public.