Arbitration is a dispute resolution process in which a dispute is submitted through formal presentation of evidence and arguments to a neutral adjudicator, who is empowered by the disputants to either recommend non-binding terms of settlement or impose a binding decision or award. In the former process, called non-binding arbitration, the parties must agree before the arbitrator’s decision becomes binding. Smartsettle works well with a unique method called Dampened Pendulum Arbitration that encourages fair compromises without the clear loser problems of ordinary Pendulum Arbitration. It is also possible for an arbitrator to use Smartsettle’s optimization capability to come up with a better award than they could determine otherwise.
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