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What Is the Definition of Arbitration?
Arbitration can be defined as a less formal method of resolving legal disputes than a traditional lawsuit. In arbitration, the parties gather together to meet with a person who is appointed as a neutral mediator. The parties go through a series of questions and answers and discussion amongst themselves. Their goal is to reach some sort of agreement that will help them move resolve their conflict so they can move forward.
What Are the Benefits of Undergoing Arbitration?
Some benefits of arbitration include:
- Can be less time consuming than a regular trial
- May also cost less overall in terms of court fees and costs
- Encourages a less confrontational approach to problem solving
- Can create alternative ways to solve problems
Thus, arbitration can be a great tool because it encourages parties to solve their problems in a non-confrontational and cooperative way. For instance, the parties might rework a contract in order to accommodate changes which were causing the dispute. In a normal trial, the parties might have been led to other remedies such as an injunction preventing certain conduct from one party.
Is Arbitration the Same in All States?
No, arbitration of disputes may vary from place to place. This is because every state has different laws, and therefore, different procedures for dealing with conflicts. This is especially true of areas such as family law and business law, which are very different depending on the geographic area.
Do I Need a Lawyer for Help with Arbitration?
Undergoing arbitration generally requires the help of a lawyer. During arbitration, much negotiation and discussion occurs, as well as the analysis of various laws and legal concepts. It’s in your best interests to hire a lawyer if you nee help with arbitration. Your attorney can provide you with legal advice to help guide you throughout the process.
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Last Modified: 10-14-2015 12:26 PM PDT
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