Arbitration is the most traditional form of private dispute resolution. Arbitration is a binding procedure.Find the complete AAA's StepbyStep Guide to Arbitration Filing, covering all aspects of arbitration including ICSID and ICC, in English. Arbitration is a quicker and less expensive option than litigation. Should you be involved in a dispute, you will need an experienced arbitrator. Arbitration is an alternative to court proceedings to resolve a dispute. In court, both sides have lawyers and present cases to a jury that decides the matter.