Explanation:

Such arbitration is established by agreement, it is more flexible than other procedures and can be adjusted to the views, desires and experience of the parties and to the circumstances of the undertaking or industry. Moreover this procedure, operating on the level closest to the parties to disputes, has the advantage of enabling the arbitrators to acquire a much greater familiarity with the characteristics of the particular undertaking or industry concerned than most courts or tribu nals. The procedure is relatively expeditious when compared with that of ordinary courts g labour tribunals; it is informal in character ; and on that account as well as because the disputes are handled by the parties themselves often without recourse to outside lawyers, it tends to be less expensive than other procedures (although where the fees of the arbitrator must be paid by the parties, a matter to be discussed later, the costs may be somewhat more than in labour tribunals).