One of the benefits of arbitration over litigation is that arbitrators, unlike judges, are not bound by precedent.
A precedent is something that comes earlier. The Supreme Court is guided by precedents, or past laws or rulings that set an example for them to follow in the matter they are now debating.
As a rule, arbitration is less expensive than litigation, making it the favoured alternative to courtroom processes. Through a flexible schedule and easier procedures, it offers quick conflict resolution. Arbitration is typically preferred over litigation because it is more expedient, secure, less expensive, and gives the parties more privacy.
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