Arbitration happens outside the court of law unlike litigation aka the conventional resolution process that takes place in the courtroom. This process happens 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. Read on to find out more.
Advantages of arbitration
First of all, arbitration allows both parties to decide on the procedure and structure of the proceedings.
Control of the process
As said earlier, this process allows the parties to decide on the structure of the proceeding based on an agreement. So, this can streamline the procedure significantly in order to suit the case requirements.
Finality: the decision of the arbitrator is final. Even if a party decides to challenge this decision, they will have to respect the limitation established by the Arbitration Act. According to the agreement, the decision is final and may lead to proceedings that may keep going for years before the verdict is announced by the court of law.
Privacy: Another benefit of this alternative is privacy. Court proceedings are open to the masses, while arbitration are conducted in privacy. If the matter is related to trade secrets or proprietary technology, it makes sense for both parties to allow only a select few people to be present during the hearings.
Convenience: In the case of litigation, the trial dates are set by the court of law based on the convenience of both parties. In some cases, the interval between trials can be quite long. This can be quite inconvenient for business owners who don't have a lot of time.
On the other hand, arbitration dates can be quite flexible. The parties can decide when they can get together to proceed with the matter. So, they can decide on the trial dates based on a mutual agreement.
Arbitration can help save a lot of money as the matter is settled outside the court of law without paying a lot of money to expensive lawyers. Plus, the matter can be solved without travelling to the court for several months or years. Therefore, it makes sense to hire the services of an arbitration lawyer.
Long story short, if you want to settle a dispute without taking the matter into the court of law, we suggest that you try the services of an arbitration lawyer. Hopefully, these advantages are convincing enough to go with an arbitrator instead of a professional advocate to handle your case in the court.