Why Choose Arbitration?
Why Choose Arbitration?
He said, she said. Plaintiff versus the defendant. Sooner or later, most of us find ourselves in a legal dispute with someone else. It may be a personal injury or a disgruntled employee. Sure, you could probably sue. However, depending on the nature of your dispute, you could also pay steep legal fees while you get in that long line with other plaintiffs, especially since the COVID- 19 pandemic has created a staggering backlog in courts nationwide.
What is arbitration?
Arbitration is an alternative dispute resolution where contesting parties agree to a neutral third party’s ruling (called an award) after hearing arguments and reviewing evidence. This award may be enforceable and binding. Arbitration is a confidential process in which both parties present evidence to support their claim.
Why choose arbitration over litigation?
Arbitration can be effective at resolving disputes, including those in which the sought award is monetary. The American Arbitration Association (AAA) reported that its organization alone resolved $14.8 billion in claims and counterclaims from 2018 to 2020.
Arbitration proceedings are typically simpler and more streamlined than a court proceeding. This may make them less time-consuming. If you opt to have a lawyer represent you at arbitration (it’s not a requirement but it is your right), you’ll probably pay less in legal fees for arbitration than you would pay for litigation.
Arbitration is usually a quicker resolution because it doesn’t involve the court.
Arbitration is a private, out-of-court process. You don’t have to wait several months for a space on the court docket. Arbitration can take place over a Zoom or Skype call (or another video conference app) or in a conference room (once it’s safe to meet face-to-face).
You and the opposing party choose the arbitrator.
Unlike a courtroom hearing or trial, a governmental judge doesn’t preside over the arbitration. Instead, you and the opposing party choose a neutral and knowledgeable third party to decide your dispute. This is helpful because you can select an arbitrator who understands the details and specifics of your case.
What types of disputes can be arbitrated?
There is a limitation as to subject matters that you could arbitrate. For example, you cannot arbitrate a murder. You can also not arbitrate whether you are married. However, financial aspects and any other rights that are commercial can generally be arbitrated.
Get a free consultation to see if arbitration could help resolve your case.
Do you have a dispute? Arbitration may be the wise alternative to litigation. Visit pairfactlegal.com for more information and to schedule your free telephone consultation.