The arbitration process typically follows these steps:
Agreement to Arbitrate: Parties agree to arbitration either by including an arbitration clause in their contract or by agreeing to arbitrate after a dispute arises. Selection of Arbitrator(s): The parties select one or more arbitrators based on their expertise and neutrality. Preliminary Hearing: An initial meeting to establish the procedures, timeline, and scope of the arbitration. Discovery: Limited exchange of information and evidence between the parties, which is typically less formal than in court. Hearing: Both sides present their cases, including evidence and witness testimony, before the arbitrator(s). Award: The arbitrator(s) issue a binding decision, known as an arbitral award, which is enforceable in court.