How are arbitrations similar and dissimilar to a court trial?

Arbitrations are similar to a court trial in that both parties present their case to a neutral third party; they may represent themselves or use legal counsel; they may also introduce witnesses and documentation, cross-examine witnesses, and offer closing statements. Additionally, the arbitrator offers a legally binding decision. Arbitrations are dissimilar to court trials in that the arbitrator often takes a more active role and is more likely than a judge to question a witness; no official record of the hearing is kept; the rules of evidence are typically relaxed; and the arbitrator is not as constrained by precedent as are judges.