Question: If Caleb is correct that the contract had an arbitration clause, and the clause was valid, which of the following is true? Arbitration is a

If Caleb is correct that the contract had an arbitration clause, and the clause was valid, which of the following is true?
Arbitration is a process in which the parties attempt to settle their dispute informally, with or without attorneys to represent them.
If an arbitrator makes an award, either side can ignore it and proceed to court with the matter.
Arbitration involves a neutral third party who proposes a solution, but does not make a decision resolving the matter.
Arbitration involves a neutral third party or a panel of experts to hear the dispute and impose a binding resolution on the parties.

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