Arbitration is a form of alternative dispute resolution (ADR) involving settling legal disputes outside the traditional court system. To give you more information, below is a list of advantages of proceeding with arbitration.
Advantages of Arbitration:
- Arbitration Typically Provides a Fair Outcome
In arbitration, parties are encouraged to devise a solution together. By doing so, they can ensure a fair or agreeable outcome or result. The arbitrators are typically selected by the parties involved or by a third-party arbitration service which ensures the proceedings are impartial and the results are fair.
- Arbitration Is More Private Than Court Litigation
In arbitration, transcripts are not part of the public record, and hearings do not occur in open court. Accordingly, the arbitral proceedings remain confidential.
- Arbitration Is Typically Cheaper Than Court Litigation
The litigation process can become expensive. Litigation involves extensive discovery, depositions, subpoenas, court hearings, trial and possible appeal. Many of these processes are eliminated or shortened in arbitration which makes the process more affordable.
- Arbitration Provides Faster Results
According to research conducted by the American Bar Association, average arbitration cases take about seven months. Litigation cases, on the other hand, can take up to 30 months due to many factors, such as the formal Rules of Procedure and Rules of Evidence and the number of cases on the courts’ docket.
Contact Craig, Terrill, Hamm, Grossman, & Erwin, LLP Today!
For questions or more information regarding the arbitration process, don’t hesitate to reach out to Craig, Terrill, Hamm, Grossman, & Erwin, LLP. Our attorneys will happily assist you with your needs. Contact us now at 806-744-3232 to schedule an appointment.
