What is the term for a third party who makes a binding decision to resolve a dispute?

The term used for a third party that makes a binding decision to resolve a dispute is "Arbitrator." An arbitrator is appointed to listen to both sides of a disagreement and then makes a decision that is legally binding on both parties. This process is known as arbitration, which is distinct from mediation, where the mediator facilitates discussions and helps the parties reach an agreement, but does not have the authority to make a binding decision.

Arbitration is often chosen for its efficiency and the finality of its decisions, providing parties with a resolution without resorting to lengthy court proceedings. This term is particularly relevant in construction disputes and contract disagreements, common in the context of Mississippi NASCLA and Residential practices. Understanding the role of an arbitrator is crucial for parties involved in disputes, as it emphasizes the importance of this figure in formal dispute resolution processes.