Arbitration, a form of alternative dispute resolution (ADR), is a technique for the resolution of disputes outside the courts. The parties to a dispute refer it to arbitration by one or more persons (the "arbitrators", "arbiters" or "arbitral tribunal"), and agree to be bound by the arbitration decision (the "award").
So as an alternative means of dispute resolution outside the courts then yes you're technically correct.
Now wtf are you trying to turn an backhanded off comment into a forum debate? No need to impress here buddy. Move along.
