Arbitration

What is Arbitration?

Arbitration is a formal process in which a neutral third party receives testimony and evaluates information provided by parties involved in a dispute and then makes a judgment regarding the outcome.

What are the Benefits of Arbitration?

• Arbitration costs are significantly less than taking a case to trial.
• Disputes can be settled quickly. An arbitration session can be scheduled when both parties agree to use arbitration, even before a lawsuit is filed.
• Arbitration is less formal than a court proceeding.
• The arbitrator has more flexibility in fashioning remedies.
• An arbitration ruling cannot be appealed, so the process is substantially shorter to bring the matter to conclusion.
• Arbitration has more flexible rules of evidence, allowing the use of documentary evidence without the need for expensive and time-consuming verification.
• The parties are able to select their fact-finder and decision maker.

Parties can provide for arbitration of future disputes by inserting a clause in their contracts. Parties can also submit an existing dispute to arbitration by signing an Agreement to Arbitrate.