You can agree to get a senior lawyer or retired judge to hear your case. It can be heard in as little as 5-6 weeks if everything ready for the arbitrator to make a decision. The arbitrator will give you reasons in the same way as a judge does.
The decision of a qualified arbitrator is binding. Once a decision has been registered, it has the same effect as a court order. You can appeal to a judge on a question of law. There is a cost for the arbitrator, but it can be much cheaper than waiting in the court system because the case can be heard quickly and at a fixed time. The longer a case is in the court system, the more people often spend on legal fees. Before a case gets to trial there are often other court events dealing with interim applications or procedural disputes. The cost of an arbitration may be less than paying your lawyer to attend just one of these court events.
You should seek legal advice about whether your matter is suitable for arbitration.