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Arbitration can be mandatory or voluntary, and the decision can be binding or non-binding. Mandatory arbitration means that the parties must use arbitration to resolve any dispute, while voluntary arbitration means that the parties can explore other options for resolving their dispute before going through arbitration.

Binding arbitration means that the parties waive their right to a trial and agree to accept the arbitrator's decision as final. Generally, there is no right to appeal an arbitrator's decision. Non-binding arbitration means that the parties are free to request a trial if they do not accept the arbitrator's decision.

While arbitration does allow you to resolve an employment dispute, it can significantly limit your ability to seek justice. Because many employees do not fully understand the scope of this type of contract, they may sign it without knowing that they are giving up important rights.

Binding arbitration is defined as a contractual agreement to settle disputes out of court using a neutral third party called an arbitrator. The decisions of arbitrators are final and parties are required to adhere to the decision.

The main difference between binding and non-binding arbitration is the legal effect of the arbitrator's decision. In binding arbitration, the decision is final and legally binding, while in non-binding arbitration, the decision is advisory and not legally binding.

In turn, the standard LCIA arbitration clause reads as follows: ?Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration under the LCIA Rules, which Rules are deemed to be ...