Arbitration is the most traditional form of private dispute resolution. Arbitration is a binding procedure.Arbitration is a method of resolving disputes outside of court. Arbitration is similar to going to court, but faster, cheaper and less complex than litigation. If the case settles, an arbitration will last around one year. Arbitration is a dispute-resolution process in which the parties select a neutral third party to resolve their claims. Find the complete AAA's StepbyStep Guide to Arbitration Filing, covering all aspects of arbitration including ICSID and ICC, in English.