Arbitration is a process of dispute resolution, which is different than litigation under the court system. It is an alternative to having disputes resolved in a court of law by a judge or jury. Rather than going through a long and costly legal proceeding, parties to an arbitration may opt to have their dispute heard and/or decided by a neutral third party called an arbitrator. The arbitrator reviews the evidence presented to them in whatever way they deem suitable, which can provide a more efficient and cost-effective outcome than would traditional litigation.
Before making a decision, the arbitrator will typically review the issues between the parties in a similar manner as a court would. This includes hearing from the parties, considering documents presented, and/or requesting additional information or evidence to be produced by either party.
After considering all of the evidence, the arbitrator will then make a decision on the matter in dispute. This decision is binding and cannot be appealed or reversed, unless both parties agree to do so.
Arbitration is a practical solution when both parties can agree to let a neutral third-party decide their dispute. It is often used to resolve disputes between businesses, employee disputes, consumer disputes, real estate disputes, family disputes, and contractual disputes.
Arbitration has a variety of advantages and is an effective means of resolving disputes. It can be used to save time, money, and stress for parties involved in a dispute. Arbitration is often seen as a more accessible form of dispute resolution and can be utilized by both individuals and businesses with legal disputes.
One of the most notable benefits of arbitration is the speed of the process. Since arbitration doesn’t require formal legal proceedings to decide the issue, the process is quicker and more direct. It takes less time and money than litigation and can be a much more efficient way to reach a resolution to a dispute. This is beneficial to both parties of the dispute as it saves them valuable time and money that may have otherwise been spent in litigation.
Another benefit of arbitration is that the decision is made by a neutral, impartial third-party. This helps ensure that the outcome of the case reflects the facts and evidence thoroughly and any bias is removed from the process. This can be beneficial to both parties of the dispute as they know that the outcome of the case will be based purely on facts and not influenced by any other factors. This can help build faith and trust in the decision, which can be crucial in dispute resolution and the civil rights.