Arbitration consists of a process for resolving disputes in a final and binding manner outside the traditional court system. The rules that govern arbitration provide for flexible proceedings and do not require the strict application of legal rules.
Owing largely to the holdings of the U.S. Supreme Court, arbitration law and procedure have emerged from the obscurity of specialized practice and entered the adjudicatory mainstream.
In 1925, with the enactment of the U.S. Arbitration Act, the U.S. Congress declaredthe rehabilitation of arbitral justice and dispute resolution. These provisionsanticipated, in effect, the modern, world-wide legislative legitimization ofarbitration. Primarily because of the needs of an emerging international business community, arbitration would shed its suspect status and gain standing as a recognized adjudicatory remedy. The legislation would also spawn in U.S. law a progressive reconsideration of the value and of the very character of adjudication through arbitration. In the end, minimalist procedural and substantive guarantees under the law would be altered and arbitration's fundamental role and identity would be recast once again.
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