The advantages of arbitration include:
– Timely resolution and closure to complex issues
– Lower costs than litigation
– Privacy and confidentiality of issues and parties
– Quick process avoiding court back-logs
– Parties maintain more control over the proceedings than litigation.
– Opportunities for Parties to express their interests without objections
– Limited case precedent and legal procedures
– Ability to select arbitrator(s)
Arbitration Benefits | Quick Process Avoiding Court. Arbitration is a non-voluntary alternative dispute resolution process. Unlike mediation, a knowledgeable, independent, and impartial third party is empowered to make a decision. The arbitrator hears the disagreement between one or more parties and after considering all relevant information renders a final decision in favor of one of the parties. Arbitration decisions may be either binding or non-binding,depending on the terms of the arbitration agreement. Binding arbitration decisions may be confirmed by a court and carry the same significance as a court judgment.
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