Lawsuits are not included in many businesses, partnerships, and investment transactions. There are a number of ways to deal with conflict when it does arise. To avoid going to court and going through the trial process, arbitration may be a preferable choice if all parties to the issue are on board.
Smart Methods: Your Options
One of the most common methods for settling conflicts outside of the courtroom is via arbitration, which is simply an expensive private trial. Popularity is increasing. Instead of going to trial, the parties will have their differences resolved by a third-party arbitrator instead of going to court themselves. Both sides will nearly always have attorneys present to make oral arguments on their behalf, unlike in a courtroom bench or jury trial, when only documents are presented. However, before opting to use arbitration to resolve your issue, read the following information to fully understand the advantages of this alternative option of Expedited Arbitration.
It’s speedy and flexible in terms of resolution and scheduling:
In the vast majority of situations, the issue will be resolved far more rapidly. Arbitration dates are usually set within a few months rather than years, although court trial dates might take several years to acquire. As a result of the hundreds, if not thousands, of cases now awaiting a judge or jury, trials must be scheduled into court calendars, which are often backlogged. On the other hand, if the parties and the arbitrator are both available, an arbitration hearing may be scheduled in a timely way.
The rules of evidence and the procedure have been made more straightforward
A long litigation procedure is inevitable, as is the need of appearing in court for hearings on motions and other procedural matters. This makes it far easier to put information in front of an arbitrator than in a courtroom, where there are strict standards of evidence that must be observed. Arbitral procedures have the potential to drastically decrease discovery, the time-consuming and expensive process that involves the taking and responding of interrogatories, depositions, and requests for the production of documents. The bulk of the concerns, such as who will be called as a witness and what documents must be produced, may be handled over the phone with the arbitrator.
Keep your personal information hidden from the general public
Arbitration, as opposed to a trial, leads to a private settlement, enabling the information revealed during the dispute and resolution process to stay hidden. Public figures or high-profile clients in business disputes may find this appealing since all evidence, statements and arguments will be kept totally confidential. On the other hand, in court, even if certain facts are not released, some potentially sensitive business information may be made public.
Selection of the “judge” must be unbiased
To guarantee that an arbitrator is someone in whom both parties have confidence and who will be fair and impartial, parties to a dispute usually appoint him or her jointly.
In general, it’s less expensive
In the vast majority of situations, arbitration is significantly less expensive than litigation, however this is not always the case. As a consequence, legal costs may be reduced by using arbitration rather than going via the courts. It’s also less costly than going through a jury trial to prepare for arbitration in the majority of circumstances.