Arbitration in the United States of America

Arbitration, in the context of United States law, is a form of alternative dispute resolution — specifically, a legal alternative to  litigation whereby the parties to a dispute agree to submit their respective positions (through agreement or hearing) to a neutral third party (the arbitrator(s) or arbiter(s)) for resolution. In practice arbitration is generally used as a substitute for judicial systems, particularly when the judicial processes are viewed as too slow, expensive or biased. Arbitration is also used by communities which lack formal law, as a substitute for formal law.
See more at Wikipedia.org...