Arbitration is a method of conflict resolution which, with more or less formalized mechanisms, occurs in many political and legal spheres. There are two main characteristics to arbitration. The first is that it is a voluntary process under which two parties in conflict agree between themselves to be bound by the judgment of a third party which has no other authority over them; the judgment, however, is not legally binding. The second is that there is usually no clear body of law or set of rules that must apply; the arbitrator is free, subject to any prior agreement with the conflicting parties, to decide on whatever basis of justice is deemed suitable.
What are the characteristics of arbitration?