Arbitration is the settlement of a dispute by between one to three neutral and impartial decision makers (called arbitrators) chosen by agreement of the parties.  The arbitrator(s) act in the same manner as a judge - the decision made is binding on the disputing parties. The arbitrator's decision is called an award and is enforceable in the same manner as would be a judgment of the Courts. The arbitrator can, but is not necessarily, someone with knowledge of the general subject matter of the dispute.

Read arbitration articles:
Arbitration - An Exercise in Private Judging