Generally, arbitration is a private form of final and binding dispute resolution presided over by an appointed arbitral tribunal (one or three arbitrators, typically) acting in a quasi-judicial manner.
Arbitration is, generally, founded on party agreement (the arbitration agreement), and regulated and enforced by national courts. The result of an arbitration is, usually, an arbitral award, which is a final, binding and enforceable decision on the dispute submitted for determination (akin to a court judgment). Arbitral awards are subject to limited rights of challenge or appeal on either standalone bases or as defences to enforcement. International arbitration is considered by the international business community to be a true, and often preferable, alternative to resolving commercial disputes by going to court, particularly as arbitral awards are highly enforceable globally due to the success of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention).