The Benefits Of Arbitration

If you aren’t in the business or legal field, you probably would not have heard of arbitration before. This term usually relates to business owners and the partnership deals or collaborations. Arbitration is basically a private trial that can be agreed upon by the two parties involved. If the parties in dispute can agree that an arbitration process would be better than a court proceeding, the ball can start rowling. 

Let’s imagine a scenario, where you are a business owner. During this period, you decide to expand your business, so you conduct some deals and collaborations with another business owner. Both parties settle on the deals, and the legal process of sealing the deal takes place. Then, both parties can continue with their businesses as usual, but this time with a collaboration. 

However, things don’t always end that way. Some promises and guarantees may fall through, during your collaboration. Your partner may not have held their side of the deal. In another situation, you may have offended the other party somehow, thus jeopardising the whole deal. So, to ensure that these issues can be settled without going to court, you must both settle on a neutral arbitrator that can solve the issue. 

Here are a few benefits of having arbitration for your problems. 

Arbitration feel more fair

In most cases, litigation needs the judge, and jury, both things you can’t have control upon. Arbitration on the other hand allows you to pick the arbitrator. But, the arbitrator must be agreed upon by the other party as well. So, both parties can feel like the result is fair and unbiased. Plus, you can choose arbitrators that are fully experienced in a specific area of legal issue. 

Arbitration is more private

If you are a business owner of a large company, one bad press piece can ruin everything. Arbitration is much more private compared to court proceedings.You would not need to meet with press or reporters that are eager to get a story of your issues. Plus, you would feel less overwhelmed, since there will be less people involved in the whole process. 

Arbitration is more simple

Anything related to the official government court does not come easy. You need to fill out forms, wait in line, attend court session after court session, and file motions. All this requires tons of paperwork and permission. It is a complicated process that could take up much of your time, energy and money.

Plus, arbitration is simpler in terms of it being a faster process. Court proceedings take months, even years to schedule. You are competing with other people who would like to present their case in court. So, don’t be surprised if you have your first session after a year. Arbitration doesn’t need all the formal process. It can be done quickly with just the submission of evidence and presenting the suitable witnesses. The arbitrator can handle everything quickly and smoothly. 
So, if you want to settle a dispute with your business partner or collaborator, instead of heading to court you can hold hybrid hearings. These meetings can be quick, without other issues or formalities.