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Final answer:
Arbitration in legal disputes involves parties agreeing to a neutral third party's decision, known as the 'award,' which is binding.
Explanation:
Arbitration is a type of third-party intervention where both sides in a legal dispute agree to abide by the decision of a neutral third party called the arbitrator. In arbitration, the arbitrator makes the final decision, known as the 'award,' which is binding to the parties involved.
Learn more about Arbitration in legal disputes here:
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