As a type of Alternative Dispute Resolution, arbitration brings in a neutral party, to make a decision about the dispute. Sometime only one arbitrator is needed to decide a dispute, but often an arbitration panel consisting of three or more arbitrators. Arbitration usually turns out being much less expensive than bring cases to court. Business associates often include this as clause in their contracts as a way of resolving any disputes that may arise.
When considering arbitration, it's a good idea to weigh the advantages and disadvantages. Advantages of arbitration are: Arbitrator's usually possess specific expertise that coincides with your case, the process is faster than court appointed decision; it is less expensive than court, also it can be completed in any chosen language.
The cons of arbitration include: Parties are required for pay for arbitrators out of their own pockets; an arbitrator is not automatically appointed by law; by choosing this route, you waive the right for a judge and jury to decide the case; and there are very limited chances to appeal the decision.
Arbitration is a not the same as mediation as it is binding by law and when entering into the agreement, both parties need to be aware that whatever is awarded to the client, the decision will stand.
This process of ADR can be entered into voluntarily between two parties or it can be mandatory, such as in cases where exists a previous contract agreement between parties to settle all disputes through arbitration. It can also be binding or non-binding. Non-binding arbitration and mediation are similar except during mediation, the mediator helps two parties talk about the problem, and maintain a relationship, while with non-binding arbitration, a decision to be made about which party is awarded what is the only goal. The arbitrator remains separate from the relationship between the two parties.
Arbitration is an excellent way to settle a dispute between two parties who cannot agree upon who deserves what. Arbitration is most often used for commercial businesses as it is much faster and cost effective that bringing the case to courts. However, more and more people are choosing arbitration as a means to deciding family law cases, including issues of custody and child support. An impartial third-party arbitrator, who has knowledge of the subject matter involved in the case, will preside over the case and determine what each party is due. Just as there are specific lawyers who specialize in certain subjects, as too, there are arbitrators who are specialized in certain subjects.
If you choose arbitration, you will likely be pleased in with the professionalism and effectiveness of the process.
When considering arbitration, it's a good idea to weigh the advantages and disadvantages. Advantages of arbitration are: Arbitrator's usually possess specific expertise that coincides with your case, the process is faster than court appointed decision; it is less expensive than court, also it can be completed in any chosen language.
The cons of arbitration include: Parties are required for pay for arbitrators out of their own pockets; an arbitrator is not automatically appointed by law; by choosing this route, you waive the right for a judge and jury to decide the case; and there are very limited chances to appeal the decision.
Arbitration is a not the same as mediation as it is binding by law and when entering into the agreement, both parties need to be aware that whatever is awarded to the client, the decision will stand.
This process of ADR can be entered into voluntarily between two parties or it can be mandatory, such as in cases where exists a previous contract agreement between parties to settle all disputes through arbitration. It can also be binding or non-binding. Non-binding arbitration and mediation are similar except during mediation, the mediator helps two parties talk about the problem, and maintain a relationship, while with non-binding arbitration, a decision to be made about which party is awarded what is the only goal. The arbitrator remains separate from the relationship between the two parties.
Arbitration is an excellent way to settle a dispute between two parties who cannot agree upon who deserves what. Arbitration is most often used for commercial businesses as it is much faster and cost effective that bringing the case to courts. However, more and more people are choosing arbitration as a means to deciding family law cases, including issues of custody and child support. An impartial third-party arbitrator, who has knowledge of the subject matter involved in the case, will preside over the case and determine what each party is due. Just as there are specific lawyers who specialize in certain subjects, as too, there are arbitrators who are specialized in certain subjects.
If you choose arbitration, you will likely be pleased in with the professionalism and effectiveness of the process.
About the Author:
Alternative Dispute Resolution means exactly what it sounds like, an alternative to litigation. People who opt to use an ADR service are often "out of the box" thinkers, and often a person that gets involved in mediation or arbitration is also an "outside of the box" thinker.
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