If you are involved in a lawsuit, have you considered arbitration as a means of settling the dispute? Depending on your case, it can be an inexpensive way to settle the dispute. Here are some benefits to going forward with arbitration.
Parties to a dispute prefer arbitration because it removes them from the formal judicial system and into an informal forum. Whereas litigation can drag on indefinitely and cost thousands of dollars, arbitration is quick and efficient with a more relaxed procedure than a trial. In a non-binding arbitration where the parties can pursue litigation after the arbitrator’s decision, the arbitration gives each side a preview of the strengths and weaknesses of their respective cases. Once parties get a glimpse or a reality check of their case, they might be more inclined to settle before litigation.
In addition, the arbitrator is not bound by strict rules of procedure, as a judge would be in a trial. The arbitrator can consider more facts and circumstances than a judge or jury would in the interest of being fair. Depending on the circumstances, arbitration can bring finality to a dispute. If the arbitration is binding, the losing party cannot appeal the decision unless they demonstrate extraordinary circumstances such as fraud, bias or inappropriate actions by the arbitrator. The good news for the winning party is that it removes the threat of ongoing appeals.
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Colson Hicks Eidson – Florida lawyers
