Arbitration occurs outside of a court of law, unlike litigation, also known as the conventional settlement process, which takes place in the courtroom. This process occurs under an arbitrator instead of a judge. Arbitration is relatively less expensive compared to litigation. However, the cost depends on the lawyer hired for this purpose. In this article we are going to take a look at the 5 advantages of hiring an arbitrator. Keep reading to know more.
Advantages of arbitration
First of all, arbitration allows both parties to decide on the procedure and the structure of the procedure.
process control
As stated above, this process allows the parties to decide on the structure of the proceeding based on an agreement. Therefore, this can significantly streamline the procedure to suit the requirements of the case.
Purpose: The referee’s decision is final. Even if a party decides to challenge this decision, it must respect the limitation established by the Arbitration Law. Under the agreement, the decision is final and may lead to proceedings that can continue for years before the court of law renders a verdict.
Privacy: Another benefit of this alternative is privacy. Court proceedings are open to the masses, while arbitrations are held in private. If the matter involves trade secrets or proprietary technology, it makes sense for both sides to allow only a select few people to be present during the hearings.
Convenience: In the event of litigation, trial dates are set by the court of law based on the convenience of both parties. In some cases, the interval between tests can be quite long. This can be quite inconvenient for business owners who are short on time.
On the other hand, arbitration dates can be quite flexible. The parties can decide when they can meet to proceed with the matter. Therefore, they can decide the trial dates based on mutual agreement.
costs
Arbitration can help save a lot of money as the matter is settled out of court without having to pay a lot of money to expensive lawyers. Also, the matter can be resolved without traveling to court for several months or years. Therefore, it makes sense to retain the services of an arbitration attorney.
In a nutshell, if you want to resolve a dispute without taking the matter to court, we suggest you try the services of an arbitration attorney. Hopefully, these advantages are compelling enough for you to opt for an arbitrator over a professional attorney to handle your case in court.