Arbitration is a process in which a business or other dispute is brought in front of a disinterested third party for help with resolution. The arbitrator, or third party, will hear evidence from each side before making a decision.
Arbitration is used in place of litigation to help settle disputes without the expense and delay of going to court. Arbitration is much less formal than a trial.
Some contracts contain a clause requiring arbitration before or in place of taking the other party to court. Court rules require that some small disputes go to arbitration before trial. Even without a contractual or other requirement, the parties can agree to submit their dispute to arbitration instead of going to trial.
There are many advantages to you for using arbitration and other forms of Alternative Dispute Resolution (ADR) as a tool. ADR is usually more cost effective and can give the parties more control over the situation than they would have in court.
If you are interested in learning more about how arbitration might be helpful for you, feel free to contact our office.