This document summarizes key aspects of arbitration based on a law class presentation. It defines arbitration as a form of alternative dispute resolution where an impartial adjudicator makes a final and binding decision on a dispute outside of courts. Arbitration can be voluntary or mandatory. It is commonly used in international commercial transactions and family disputes. The benefits of arbitration include speed, cost efficiency, and expert judgment. Arbitration agreements are typically in contracts or separate agreements and involve an exchange of statements between parties. Cases are typically heard by an independent arbitrator or panel of arbitrators selected according to procedures in the arbitration agreement or laws.