Independent arbitration is a Alternative Dispute Resolution (ADR) process where a neutral, unaffiliated third-party arbitrator hears evidence from disputing parties and makes a legally binding decision (an "award"), offering a faster, confidential, and often more cost-effective alternative to traditional court litigation by avoiding court system complexities. Key aspects include the arbitrator's neutrality (independence from parties and institutions) and impartiality (lack of bias), ensuring fairness and public trust, with parties often selecting the arbitrator or using established bodies like the AAA or FINRA. 
 
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