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When two people dispute something, they must able to find solution so they stop fighting. When the dispute is something related to legal status, they need to resolved it legally. But when legal resolution in court seem too complicated, too scary, and actually both parties want to settle it outside court room, they can use arbitration as legal binding for dispute resolution.
If you want to have arbitration, you need to find arbitrator. There are commonly legal firm which specialize in arbitration in every country. They have arbitrator to help you bind the decision. In Spain, B Cremades Y Asociados is quite popular to deal arbitration between companies, states and even international arbitration. You really need to assure that your arbitrator is neutral or it will add more complexity to your problem. It will be better to check their track records because it is a proof of the quality of work. Years of experience may also proved that they able to satisfied both parties and give both party a great solution and no legal problem in the future.
Arbitration is very common to use because it is cheaper choice than court resolution. It may also very fast and flexible to meet business need. When you don’t want any other knew about the dispute, arbitration is the best choice because you can make it very confidential, it may never go public. Arbitration is also very common for international dispute between two party in different  country. Each country has different regulation and it will be so complicated if you take the case on the court.
After all, you better consult your problem first before you choose arbitration. Everything has disadvantages, including arbitration. Make sure that arbitration is the most convenient, effective and efficient way to resolved your problem or you may need court to settle it.