Legal disputes are common in the business world, and they sometimes have a major impact on the people involved. Arbitration is a low impact solution that some people use to settle a dispute. It doesn’t work for everybody, but it is a much less painful process than having to go to court. If you’re having a business or construction dispute, you may want to consider arbitration to help settle your differences.
For arbitration to work, both parties must agree to participate in the process. One party can initiate the process by sending the other a written demand for arbitration. The demand must have a description of the parties, the dispute and the outcome they wish to pursue. The opposing party can then respond to the demand and an arbitrator can be chosen.
During the arbitration both parties will present their opening and closing arguments. They will also need a testimony, witnesses and documents to back up their argument. Once both sides have been presented, the arbitrator will come to a decision that is fair to both parties. This process is much like a trial but without the lengthy timeline and expensive fees.
Arbitration is a much quicker process than they typical civil litigation. Having to go to trial can take months with all the congestion and delays in the court system. Litigation costs are also much more expensive than arbitration and going to trial can take a toll on your mental and physical state. Arbitration is quicker, less expensive and is a much more flexible process than going to trial. The parties get more control over the process and even get to choose the arbitrator. Arbitrators also usually have more specific expertise on the subject being disputed. This method tends to be more fair to both parties.