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What Is Arbitration?
Arbitration is commonly known as Alternative Dispute Resolution (ADR). It's a process where both sides come together and agree to follow and respect the decision of the arbitrator. The arbitrator is usually an attorney familiar with the field of law being decided. The decision of the arbitrator is legally binding against both parties.
Why Enter into Arbitration?
There are several reasons why choosing to work with arbitration lawyers is a better course of action than filing a lawsuit. These include:
- Arbitration is less expensive in comparison to litigation. Litigation can be a long, drawn out process that can take years to decide. In comparison, arbitration is much faster and more efficient.
- Hiring arbitration lawyers saves money for litigation and legal fees.
- Prevents an opposing party from suing while in arbitration. Most courts will not allow a lawsuit to continue when both parties are in arbitration.
How Can I Know whether Arbitration Is Right for My Case?
There are various considerations a person must consider when deciding between arbitration and court. These include:
- Ask a lawyer - An experienced arbitration lawyer can advise you on the strength and characteristics of your case. Then you will be able to make an informed decision on whether arbitration is a better forum for your case.
- Decide how long you want this issue to continue. In most cases, parties want their disputes resolved quickly and efficiently. A party should consider their needs and make a decision.
- Financial considerations.
Can I Appeal an Arbitration Decision?
It depends on the agreement of the parties. In most cases, an arbitration decision is final and binds both parties by its decision. There are times when a court of law might review the decision of the arbitrator but it will be overturned only if the decision was clearly in error.
Should I Consult an Attorney?
The decision whether to enter into arbitration or litigation is an important one. There are many factors to consider and an attorney can advise you on your decision. An attorney can consider your case and help you determine whether arbitration is right for you. Furthermore, an attorney can help you decide what arbitrator would be the best fit in your situation.
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Last Modified: 10-14-2015 12:32 PM PDT
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