The difference between Arbitration and normal Litigation?

The difference between Arbitration and normal Litigation are; 

1). In Arbitration, both parties agree to refer the matter to arbitration While; in Normal litigation, only one party i.e. the Plaintiff institutes the suit; 

2). In arbitration, determination of dispute is done by one or more independent third parties i.e. the Arbitrator While; in normal litigation, the dispute is determined by the Court of law; 

3). In arbitration, there are no strict use of rules of law of evidence or procedure while; in normal litigation/suit, there is strict use of law of evidence or procedure.

4). The decision in arbitration is final and binding in parties and persons claiming under them respectively, while; the decision in normal suit is subject of being challenged e.g by way of appeal.