$10$ pts

Mandatory binding arbitration is best described as:

an alternative way to resolve a dispute between private parties, where each party must submit to the arbitration proceeding and accept the outcome.

a dispute resolution proceeding that has been disallowed by courts because it is unfair to consumers.

a dispute resolution proceeding that involves a jury.

a dispute resolution proceeding that is overseen by a decision$-$maker who is biased against one of the parties.

an alternative way to resolve a dispute between private parties, where a party may choose whether to submit to the submit to the proceeding.