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In this video, the concept of arbitration is explained as a system of private justice distinct from court proceedings. The example involves two parties, Patti and David, who are in a contract dispute. Instead of taking the matter to court, they choose a private arbitrator, Alan, to resolve their disagreement. By selecting Alan, they enter into an arbitration agreement, opting for a private setting to present their evidence. Following the arbitration process, if Alan rules in favor of Patti and awards her $5,000, this decision is known as an arbitration award. In the U.S., David would generally be required to pay Patti the awarded amount.
