Arbitration is an alternative to litigation and as such is a form of alternative dispute resolution. Arbitration involves an independent third party who forms a judgement about the issues upon which the original parties cannot agree, and makes a recommendation based on their expert opinion. The arbitrator’s judgement may be binding or non-binding depending on what the parties originally agreed. See also Alternative Dispute Resolution.« Back to Glossary Index
Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.