What are the purposes of arbitration?

Arbitration serves several key purposes, including providing a private and confidential method for resolving disputes outside of the court system. It aims to deliver a quicker and more cost-effective resolution, reducing the burden on courts and minimizing legal expenses for the parties involved. Additionally, arbitration allows parties to select an arbitrator with specific expertise relevant to their dispute, ensuring a more informed decision-making process. Overall, it promotes finality and enforceability of decisions, contributing to a more efficient resolution of conflicts.