i. Explanation of Arbitration:
Arbitration is a form of alternative dispute resolution where parties agree to submit their dispute to one or more neutral third parties (arbitrators) who render a binding decision. It is often used as an alternative to litigation in courts and is commonly employed in commercial disputes. The process is less formal than court proceedings but still provides a final and enforceable resolution to the dispute.

ii. Advantages of Arbitration:

1. Speed and Efficiency: Arbitration is generally faster than court litigation, as it avoids the often lengthy court procedures and appeals. The parties can agree on a schedule that meets their needs, leading to quicker resolution of disputes.
2. Confidentiality: Arbitration proceedings are private, and the details of the case, including the outcome, are not disclosed to the public. This helps protect the reputations and sensitive information of the parties involved, unlike court cases which are often public.