When disputes arise between parties to a contract, business partners, or other parties, there are different ways to resolve them. Sometimes, informal negotiations or communications between attorneys is enough to reach an agreement with arbitration. In other situations, the matter might escalate to litigation, which can be costly for everyone involved. Resolving disputes as efficiently as possible should be a priority, and this is why alternative dispute resolution (ADR) is a commonly-used option. One form of ADR that is common in business disputes is called arbitration. What is Arbitration? Arbitration is often compared to trial in court, though it is a less formal and drawn-out process. Both sides (through their attorneys) present their arguments before one or three arbitrators, and they make the decision on how to resolve the issue.…