Arbitration is a dispute-solving tool that is becoming more commonplace in both business agreements and consumer contracts. This tool is used as an alternative to litigation and occurs outside of a courtroom. During the arbitration process, a neutral third party known as an arbitrator looks into the displayed evidence and listens to arguments before deciding the case. This style of dispute resolution does not need a judge, but an attorney is still highly recommended.
In many situations, signed contracts between businesses or individuals require the use of arbitration. There are, however, other situations in which arbitration is a better option than litigation. When a case requires a neutral decider or privacy, arbitration can be more successful than litigation.
Arbitration is a unique process in that both sides must agree to have the case decided by an arbitrator outside of court. The stakes in arbitration are much higher than in litigation, as the decisions are more challenging to have overturned. Arbitration has a lower cost than litigation while also having more flexibility and less hostility between parties. There are some drawbacks to arbitration, such as the lack of transparency throughout the process. It is also harder to appeal when using this method.
Our arbitration team at Kimball Anderson has years of experience presenting evidence and examining witnesses in front of arbitrators. Our attorneys regularly arbitrate disputes with JAMS as well as the American Arbitration Association. The selection process for arbitration can be crucial in getting the desired result, and we understand how to pick the correct arbitrator for the case.