As a type of alternative dispute resolution, arbitration brings in a neutral party to make a decision about the dispute. Sometimes only one arbitrator is needed to decide a dispute, but often an arbitration panel consisting of three or more arbitrators. There are some companies that provide the best Alternative dispute resolution services.
Arbitration usually turns out to be much less expensive than bringing cases to court. Business associates often include this clause in their contracts as a way of resolving any disputes that may arise. Before deciding if arbitration is the best choice for you, please consider the pros and cons.
The pros include the following: an arbitrator with specific expertise can be assigned to your case based on the needs required to make an educated decision, it is less costly than court, and it can be done in any chosen language.
Disadvantages include: Both parties are required to pay arbitration fees. Arbitrators are not automatically appointed by law. If you choose arbitration, a judge and jury can no longer decide the case. It is difficult to appeal a decision.
Although similar, arbitration and mediation are not the same. In arbitration, the arbitrator actually makes a law-binding decision much like a judge, while in mediation, the mediator is just a neutral third party who facilitates a decision which the disputing parties themselves decide upon.