Arbitration is a formal process in which a panel of attorneys hears evidence and renders an opinion, which could be binding or non-binding. A chairperson must be admitted to the Ohio Bar for at least three years and have one year in service as a nonchairperson.Apply to your account, and most disputes between you and us will be subject to individual arbitration. This means that: (1) neither a court. Arbitration is the most traditional form of private dispute resolution. Arbitration is a binding procedure. The definition of arbitration is the use of a neutral third party to settle contratual disputes outside of the court system. A Practice Note explaining how to enforce arbitral awards in Ohio state and federal courts.