Which statement is NOT true regarding arbitration compared to litigation?

The statement regarding arbitration that is not true is that an arbitrator must apply the exactness of the law. In arbitration, the process is typically more flexible than in litigation, and arbitrators are not bound to follow strict legal rules or procedures. Instead, they have the discretion to conduct the hearing and make decisions based on principles of fairness, equity, and their interpretation of the law. This flexibility allows for more efficient resolutions, but it also means that the legal standards applied may not be as rigorous as those adhered to in a courtroom setting.

This characteristic of arbitration distinguishes it from litigation, where judges are required to follow exact legal standards and procedural rules. Thus, the variability given to arbitrators allows for a broader interpretation and application of laws as they see fit, which is a fundamental aspect of the arbitration process.