Originally from Dispute Resolution Journal

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An ever-increasing number of legal controversies are being settled outside the court room. One reason is that lengthier trials and growing court dockets are forcing potential litigants to balance possible judicial relief against the expense of litigation. Probably the most common mode of settlement is informal negotiation and consummation of a binding agreement. Another method is arbitration.

A new dimension was added to the concept of arbitration when, in 1925, the United States Arbitration Act^ was enacted. Among other things, it made certain agreements to arbitrate specifically enforceable and placed the confirmation of arbitral awards within the cognizance of the federal courts. On the State side, there has been similar activity and today all but a few jurisdictions have legislatively acknowledged the arbitrament process.