Arbitration is an alternative to litigation for those interested in potentially saving money and time when compared to the oftentimes costly and time-consuming litigation process. It is helpful for anyone considering arbitration as an alternative dispute resolution option to know what it entails.
How arbitration can help resolve a dispute
Arbitration differs from litigation in some key ways. Arbitration is commonly viewed as a more streamlined alternative to litigation. Compared to litigation, which is typically goes before a judge, arbitration goes before an arbitrator who decides the dispute. Unlike a judge who is randomly decided to hear a lawsuit, the parties to the arbitration may be able to select an arbitrator that is mutually agreeable from a pool of potential arbitrators who will hear the dispute and decide on the dispute.
In addition to being more involved it what is considered a more streamlined process, arbitration also has the added benefit of being a more private process. Unlike a lawsuit heard before a judge in court which creates a public record, arbitration proceedings are not public and are considered more private.
Because it can be a more efficient process, arbitration can potentially save more than time and can also potentially save money. Arbitration can also maintain confidentiality. Arbitration is a type of alternative dispute resolution and because of potential benefits it has to offer, is worth taking a look at when involved in a legal dispute such as a construction, business, real estate and some other types of legal disputes.