Arbitration and related litigation
While approaching the court for disputes is perfectly acceptable, it is almost always expensive and time-consuming. What’s more, court-rulings typically leave at least one of the parties bitter.
Professional arbitration services companies can help to a great extent.
Arbitration can reach at amicable solutions that are more acceptable to all the parties involved, without the legal tangles. Besides, arbitration can be more participative as compared to the regular litigation and court hearings.
Who can be your arbitrator
It’s a myth that an arbitrator must be a lawyer. While a degree in law certainly helps, an arbitrator can be any disinterested party whose recommendations will acceptable to the parties involved.
In other words, arbitrators need to be trusted experts in their fields, and not necessarily a qualified lawyer.
How arbitration works
First, the parties agree upon who will act as an arbitrator. There can be one more arbitrators, depending upon the size and complexity of the issues, as well as the preferences of the parties involved.
Next, the parties get into the required paperwork. This paperwork, among other things, will acknowledge that the outcomes will be binding upon all parties. It will also specify deadlines.
After that, the arbitrator begins the first hearing. At this stage, the arbitrator will request access to information as well as ask for witness deposition, if any.
Following this, the parties will present their stand and documentation. Generally, multiple hearings are avoided. Based on this, the arbitrator may ask for additional documentation or evidence.
Finally, the arbitrator will arrive upon a judgement that is binding upon the parties involved, based on which the parties will proceed towards finalising the next steps.
When can you benefit from arbitration services
In general, disputes and disputes where a civil court can adjudicate may also be taken to arbitration consultants instead.
To begin with, all the parties involved need to agree for opting for arbitration. It can begin right at the time of drafting the agreement (e.g. a contract for a business service), by inserting an arbitration clause.
Even in absence of such a clause in the agreement, you can still opt for arbitration at a any later stage as long as it is consensual. Organizations can also submit confidential data, if required, to the arbitrator tribunal because the arbitration service provider is neutral.
Think of arbitration as a faster, smoother, and more acceptable alternative to going to a court.