Disputes are bound to arise every day due to personal and commercial interactions. Thus, people need dispute resolution avenues to aid in settling their issues. Usually, most people solve their disputes through the litigation process. This is often a contentious adversarial process where parties in a dispute hire competent attorneys to argue on their behalf. However, other alternative dispute resolution mechanisms aim to achieve amicable solutions through less contentious processes. These mechanisms include negotiation, mediation, and arbitration. Arbitration is an alternative dispute resolution mechanism that allows the disputing parties to select arbitrators to settle their disputes outside the court process. Individuals prefer the arbitration method because it is efficient, flexible, and affordable. Here are a few advantages of solving disputes through arbitration.
It is Affordable
The court process is usually expensive. This is because the disputing parties must hire experienced attorneys for legal representation. Additionally, people incur extra costs through court filing fees and travel expenses. Thus, most people prefer solving their disputes through arbitration because it is affordable. You will spend less money in the arbitration process, and you will not have to pay various facilitation fees involved in the court process.
You Receive the Expertise You Need
People should consider using the arbitration method since it allows expert arbitrators as adjudicators. Typically, courts rely on the testimony from experts hired by either party in a dispute involving various technical issues. Arbitration is better because it allows parties to select arbitrators with expertise in the dispute's subject matter. Having an expert adjudicator leads to fair outcomes because the arbitrator understands the issues and the presented evidence. Those with disputes revolving around various technical issues should consider settling their differences through arbitration.
It is a Fast Process
Court processes are usually slow and long. This is because litigation in court has several procedures that judges must follow before rendering their decision. Arbitration allows the disputing parties to use a less formal dispute resolution mechanism that speeds up the process. This is important in commercial disputes that take a long time in court. These dragged-out disputes usually affect business operations. As such, people should consider arbitration when looking for a faster dispute resolution method.
It is a Private Process
Some people prefer settling their disputes privately. Most court documents are considered public records unless they have been sealed or expunged. In contrast, arbitration proceedings and arbitral awards are private. Thus, those not participating in the proceedings cannot attend or access the involved documents. If you have a dispute involving private and sensitive matters, you should consider the arbitration method.
For more information, reach out to a company such as Chao ADR, PC.Share