Arbitration is like an informal trial or hearing. The parties present evidence and arguments to their arbitrator, who is an attorney or retired judge.A petition under this chapter shall: (a) Set forth the substance of or have attached a copy of the agreement to arbitrate unless the petitioner denies the. All parties in an action must agree to participate in arbitration before the case is submitted to the office of the RCBA Dispute Resolution Service (DRS). What is binding arbitration? Binding arbitration involves the submission of a dispute to a neutral party who hears the case and makes a decision. That usually involves two separate questions: (1) is the arbitration agreement valid, i.e. If a person signs a contract that has a mandatory, binding arbitration agreement, he or she gives up the right to go to court. When are consumers most likely to. The main types are mediation, arbitration, and settlement conferences.