Define "arbitration" in legal disputes.

Arbitration is accurately defined as a form of alternative dispute resolution in which a neutral third party, known as an arbitrator, is appointed to review the evidence and arguments presented by the parties involved in a dispute and make a binding decision on the matter. This process is typically less formal than traditional legal proceedings, such as court trials, and offers the ability for a quicker resolution, which can be beneficial for parties looking to avoid the lengthy litigation process.

This binding nature of the arbitrator's decision means that once the arbitration process concludes, the parties are obligated to accept and adhere to the decision made by the arbitrator, similar to a court judgment. Arbitration can be advantageous in various contexts, especially in commercial disputes, labor relations, and consumer issues, making it a popular alternative to litigation.

In contrast, the other options do not accurately represent the nature of arbitration. Ignoring legal representation does not capture the essence of arbitration, where legal counsel can play a crucial role in the proceedings. Settling disputes through a jury trial pertains specifically to the litigation process and not to arbitration. Additionally, the notion of public hearings is more aligned with court trials than with the typically private nature of arbitration proceedings.