a legal technique for the resolution of disputes outside the courts, wherein
the parties to a dispute refer it to one or more persons (the "arbitrators"
or "arbitral tribunal"), by whose decision (the "award") they agree to be
bound. Arbitration is today most commonly used for the resolution of
commercial disputes, particularly in the context of international commercial
transactions and sometimes used to enforce credit obligations. It is also
used in some countries to resolve other types of disputes, such as labor
disputes, consumer disputes or family disputes, and for the resolution of
certain disputes between states and between investors and states.