In the blank spaces provided for the claimants' names, you should write or type the name of each claimant filing the Statement of Claim. Arbitration is a contract-based form of binding dispute resolution.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 discovery is typically more limited than in litigation and, in principle, is in the discretion of the arbitrators.