Many people may not know it, but there is more than one way to resolve a legal matter. While many people anticipate preparing for a jury trial, you may want to look into arbitration. It is an alternative way to solve disputes outside traditional judiciary courts.
Arbitration has many benefits, catching the attention of people and parties dealing with disputes. The process is gaining more efficiency every day due to its reliability. Choosing arbitration over litigation can be a great idea, especially when seeking fast and reliable outcomes.
Here are some of the most important reasons businesses must choose arbitration over litigation.
Enjoy Discretion
Many parties are paranoid about taking their business decisions to court for many reasons. One of the top reasons could be a lack of privacy. The court system is open to the public. Anyone can attend court hearings and trials. In addition, the public can also easily access the documents.
On the contrary, arbitration is not public in the Arbitration clause download. The documents and evidence used in arbitration are directly submitted to the arbitration panel to be reviewed behind closed doors. This benefit of arbitration can be a blessing for businesses with other ongoing disputes or general will to avoid public attention.
Choose Your Arbitrator
It can feel overwhelming to present your point of view in front of people you have never met or seen. This can especially be a problem for someone who has public anxiety. One may dread the process of business dispute settlement through its entirety.
In such circumstances, you may appreciate knowing there is a way to choose who arbitrates your case. You can select an arbitrator with the experience and expertise to represent your side. This way, you can reduce the risk of relying on someone who barely knows about you.
Get Quicker Results
No one can understand the importance of time better than a business. Settlement cases can take 2-5 years before their first hearing. However, you may hear back from your arbitrators as early as six months from filing.
After all, courts can be overwhelmed due to many ongoing trials. But you can get quicker answers with arbitration. You can also request to expedite the discovery process and get an even faster verdict. Hence, you can feel at ease instead of a dispute being dragged on for years.
Avoid Prolongation
Everyone has the right to appeal a legal verdict. This right can take years for a trial to be settled in court. As a result, all parties involved may feel exhausted, and the struggle may continue for even more years. You can save yourself from burnout and hassle by opting for arbitration.
The decisions made through arbitration are usually not appealable, with a few exceptions, such as personal injury cases. It means that you can secure the final settlement quicker than any other method of resolving disputes without the fear of it being appealed again.
