By agreeing on an Expert Opinion the parties to a dispute may refer a specific legal, nautical or technical issue to a neutral third party for abinding decision. The results of the expert opinion can only be challenged at court in a very limited manner.
The expert opinion is only binding if this is agreed by the parties.
The expert opinion differs from an arbitration award as it does not cover a whole legal dispute but only a very limited, specific question. An arbitration takes place if the parties wish to avoid going to court, an expert opinion is the right tool if the parties want to maintain their right to have the decision checked by the court.