What is arbitration? Discuss the process of conduct of arbitration. 

Arbitration is a dispute resolution process where a neutral third party, known as an arbitrator, hears both sides of a dispute and makes a final and binding decision. The arbitrator is chosen by the parties involved in the dispute, and they agree to abide by the decision that is made. Arbitration is a common alternative to litigation in many fields, including commercial, labor, and consumer disputes.

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