ABSTRACT
Arbitration is conducted in private, attended only by the parties, their witnesses, experts and advisers. There are two schools of arbitration: institutional arbitration and ad hoc arbitration. A further downside of arbitration is a reflection of its confidential and contractual nature, as it does not permit for third parties to be joined to the arbitral procedure unless all parties agree. Arbitration is a confidential dispute resolution process, where the parties confer authority on a third party either an individual or a tribunal of up to three to determine the dispute between them. The decision of the arbitrator, or arbitral tribunal, is final and binding as between the parties and enforceable by the courts. However, the court has a wide discretion as to costs and will take into account matters such as a party's conduct both before and during the action, and the attempts it has made to resolve the action without recourse to the courts.
