A process in which two or more persons voluntarily agree to let an Arbitrator, or panel of Arbitrators, decide their dispute. This decision may be legally binding on the parties. An Arbitrator is a neutral selected to conduct an arbitration hearing and render a decision in a dispute. The Arbitrator makes a decision (see Arbitration Award.) A court reporter is not generally present. The Arbitration Award is usually Binding (with no right to appeal), the dispute is private, Discovery is limited, evidence rules are more relaxed (see Admissible Evidence and Inadmissible Evidence), less costly than Litigation and/or Trial.